Chicago, IL – March 3, 2015 - PartsTrader Markets Limited (PTML), the parent company of PartsTrader, LLC, the leader in creating efficient and transparent markets for the US auto collision repair industry, today announced the successful completion of a US$30 million private equity capital raise. Based on the oversubscribed offering, the company chose to increase the equity raise amount to US$30 million from the original stated target of US$23 million.
“We are very pleased to have received strong support from several major institutional investors during our process of raising growth capital”, said Colin Bevan, the chairman of PTML. “This provides the company with a solid financial foundation, which we will utilize to execute our US business plan.”
This new equity capital has been provided by existing shareholder Todd Technologies Limited, and new shareholders including Milford Active Growth Fund and Accident Compensation Corporation (ACC). Other investors included the executive management team of PartsTrader, LLC.
PartsTrader completed a national deployment of its parts procurement solution in the first half of 2014. Since then the company has focused on enhancing its value proposition through integration with other technical offerings in the market and delivering new core product functionality. This has been supported by the recent establishment of a software development operation at its Chicago headquarters. The new equity capital will be used to further fund PartsTrader integration and product development, accelerate the expansion of its US operations, and support continued investment in its management team and staff.
“PartsTrader is committed to delivering the best online parts sourcing and procurement solutions for collision repairers and parts suppliers across the US, and investing in the best people in the industry,” said Rob Cooper, PartsTrader CEO. “These are the primary drivers behind the growth in discretionary use at 20% month over month.”
The PartsTrader platform currently supports over US$1 billion of collision parts purchases annually across 48 states and now employs 175 people, with 110 of those employees in the United States.
About PartsTrader, LLC
PartsTrader® is a web-based collision replacement parts market connecting OEM, aftermarket, re-manufactured, specialized and recycled automotive parts suppliers with collision repairers looking for replacement parts. PartsTrader partners with stakeholders across the collision industry to improve the quality of the collision parts purchasing experience for all participants. For more information about the PartsTrader system, how it works, and how it benefits collision repairers and parts suppliers, visit www.partstrader.us.com or contact us via email at email@example.com.
Vice President, Business Development