Stonehenge Growth Capital today announced a new debt investment into FCP Groton LLC (FCP Euro), an aftermarket European car parts e-commerce business focused on DIY market. The new investment will allow the Milford, Connecticut-based business to expand its inventory selection, increase head count, expand its warehouse and facility, and invest into warehouse automation equipment and other general working capital needs.
The investment is expected to increase the company’s hiring capacity, growing from 82 full-time employees to 150 by 2023. Stonehenge’s $7 million investment, completed through the Invest CT Program, also will help to finance the purchase of state-of-the-art equipment to enhance the automation used in FCP Euro’s warehouse.
FCP Euro caters to DIY customers, providing an extensive collection of instructional videos to walk customers through repairs. The company also offers dozens of “kits” that provide customers with all necessary parts needed for minor repairs, allowing the end-user to enjoy considerable savings compared to bringing their vehicles to repair shops. FCP Euro also is known for its Lifetime Replacement Guarantee on all of its products.
“FCP is a high-growth e-commerce company with a dynamic management team that has demonstrated the ability to drive top-line growth,” said Charles Haberkorn, managing director at Stonehenge. “Stonehenge was thrilled to provide this financing and we look forward to working with management as it executes on its aggressive business plan.”
In addition to its unmatched customer service, FCP Euro is well-known within the community for hosting “Cars & Coffee” sessions on Sunday mornings where local customers and European car owners can park their cars at the FCP Euro facility, socialize with fellow car owners and receive complimentary coffee, food and advice on DIY projects utilizing FCP Euro products.
“We are truly excited to find a capital partner that is aligned with the growth plans and vision of FCP Euro,” said Scott Drozd, CEO of FCP Euro. “This investment will help strengthen FCP Euro’s position in the expansive automotive aftermarket.”
