Steve Thorne, CEO of Eastern Warehouse Distributors, also known as Auto Parts Warehouse, has added a financial partner in The Jordan Company, a private equity firm. Thorne made the announcement by sending the following letter, which has not been edited, to media and industry contacts.
“Over the past 30 years, Eastern Warehouse Distributors, aka Auto Parts Warehouse, has always been about family, people and service. As the owner of this independent company I have spent the last 30 years reinvesting in our growth, and it now makes sense to take on a financial partner so that we can continue our march within a large and competitive industry. My goal has been, and will continue to be, bringing larger inventories with more select name brand lines to our customers’ doorsteps within 30 minutes or less. In the last two years we have added 11 new locations and millions more in inventory. With the right partner we can even do it even better!
"The Jordan Company, a long standing and well-respected equity firm, has invested in our company through its automotive parts distribution platform. The Jordan Company is a private equity firm that specializes in buying and building companies, in partnership with the existing owners and management teams of those companies. Their transactions provide liquidity for owners, raise capital for corporate growth and create significant equity opportunities for key management. In 2016, The Jordan Company invested in Parts Authority, one of the largest distributors of automotive and truck parts on the East Coast and growing nationally. Headquartered in Lake Success, NY, Parts Authority has approximately 100 locations in New York, New Jersey, Maryland, Washington D.C., Georgia, Ohio, Arizona and California. Parts Authority is a member of the National Pronto Association. Under the same umbrella, our two management teams will be working on ways to help drive efficiencies, economies of scale and best use in business practices to deliver value to our customers and employees.
"Our new partners share our vision to grow our business over time by delivering outstanding services. Their collective support will help us continue with our goals. I am pleased to say that I continue to maintain a significant share of the overall company and will continue to run Eastern. There will be no changes in the way we conduct our business or to the management and personnel that have made this company the leader in our region. In our market, the company will remain Eastern Warehouse Distributors, aka Auto Parts Warehouse. All incentive plans and employee benefits remain in place and all customers and vendors will continue to benefit from our growth and continued membership in the Alliance group. The combination of Parts Authority and Eastern will expand the national distribution footprint of The Jordan Company’s auto parts distribution platform.
"I am personally looking forward to this next chapter in business. Having a financial partner helps give me back the focus needed to continue to grow the company with a firm dedication to people and service.”
– Steve Thorne, CEO
About Eastern Warehouse Distributors, aka Auto Parts Warehouse:
Eastern Warehouse Distributors aka Auto Parts Warehouse is a two-step distributor focused on inventory, service and people. The company serves over 5,000 active wholesale customers from 36 locations in southeastern Pennsylvania and southern New Jersey. Founded in 1989 and headquartered in Langhorne PA, Eastern is a proud member of the Aftermarket Auto Parts Alliance group based in San Antonio, Texas and ranks in the top five of the group based on total purchases.
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