Connecticut-based online auto parts retailer FCP Euro announced the closing of a $25 million debt facility financed by JPMorgan Chase. The deal will provide FCP Euro with access to funding that will enhance customer experience by accelerating infrastructure and inventory investments. In addition, FCP Euro will have access to a full range of industry-leading financial services that will complement the multi-year growth strategy.
“This deal marks the culmination of a multi-year vetting process that not just identified a transactional bank, but a company that can provide industry-leading advisory, analytics, growth capital, information security, and treasury management services that align with our growth strategy,” said Scott Drozd, CEO of FCP Euro. “FCP Euro is proud to work with JPMorgan Chase to enhance our commitment to an exceptional customer experience through investments in technology, people, and infrastructure.”
A growing presence in the $400 billion U.S. automotive aftermarket, FCP Euro surpassed $110 million in total parts sales in 2020, 53% growth from 2019, and has been recognized in Inc. Magazine’s 5000 fastest-growing privately-owned companies seven times. With a decade-long total parts sales CAGR of 27% versus an e-commerce industry CAGR of 15%, FCP Euro will achieve $500 million in total parts sales by continuing to grow market share with a focus on the European sector.
“We are proud to be a part of FCP Euro’s growth story and to support its outstanding leadership team,” said Bill Creaser, executive director, JPMorgan Chase Middle Market Banking, CT.