January, 02 2019
Sterling Investment Partners Invests in Marcone Appliance Parts
Sterling Investment Partners ("Sterling"), a private equity firm that has been investing in and building middle-market companies for 28 years, announced that the firm has invested in Marcone Appliance Parts ("Marcone" or the "Company").
Headquartered in St. Louis, Missouri, Marcone is one of the leading distributors of original equipment parts for the repair of residential appliances in the United States and Canada. The Company’s customer base is comprised of thousands of residential appliance repair service providers and technicians.
Marcone provides industry-leading parts availability and responsiveness through an unmatched distribution footprint comprised of ten regional distribution centers and 35 local branches. The Company offers its customers approximately 70,000 unique SKUs and delivers parts to 90% of its customers next-day, and 100% of its customers in two days.
Jim Souers, President and CEO of Marcone stated, "We have developed a close relationship with the Sterling team, and believe Sterling will be a truly value-added partner to Marcone.”
M. William Macey, Jr., Co-founder and Managing Partner at Sterling noted, “Sterling is excited to invest in the leading distributor of original equipment parts for residential appliances. Marcone’s national distribution network, parts availability and response time to its customers make it a leader in its market. The Company has best-in-class technology which drives improved efficiency and an improved customer experience. Marcone has an outstanding management team. We are thrilled to partner with the team and assist in continuing the Company’s growth.”
Sterling Investment Partners
Sterling Investment Partners is a private equity firm with a highly experienced, cohesive team of senior investment professionals. Sterling acquires businesses that the firm believes have strong, sustainable competitive advantages and significant opportunities for value creation. Sterling has over $1.5 billion in initial fund commitments. Over its history, Sterling has completed platform investments, strategic or add-on acquisitions, recapitalizations and liquidity events with an aggregate transaction value of over $15.8 billion, representing more than 160 transactions. Key industries Sterling focuses on include value added distribution - B2B and consumer, business services, transportation and logistics and specialty manufacturing. www.sterlinglp.com