FCP Euro Closes $25 Million Debt Facility For Growth Capital
Connecticut-based eCommerce retailer FCP Euro will have access to growth capital and a treasury suite through the debt facility financed by JPMorgan Chase.
MILFORD, Conn., June 11, 2021 /PRNewswire/ -- Today, 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 eCommerce 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.
FCP Euro is an online provider of OE, OEM, aftermarket, and genuine auto parts for European vehicles, with a focus on connecting their content directly with the automotive enthusiast community. Along with their eCommerce website, the company invests heavily in video and written content focused on helping DIY (do-it-yourself) automotive enthusiasts learn how to maintain and repair their vehicles. Through car shows, events, and an in-house professional motorsports team, FCP Euro fosters deep relationships within the community. For more information on FCP Euro and to learn about these and more offerings, you can visit https://www.fcpeuro.com/.
About FCP Euro
FCP Euro (www.fcpeuro.com) is a B2C online retailer of OE, OEM, aftermarket, and genuine parts for European cars, specializing in BMW, Volvo, Audi, VW, Mercedes, and Porsche. Launched online in 2001, FCP Euro expanded under the leadership of CEO Scott Drozd and President Nick Bauer, developing a website listing a hand-curated catalog of European car parts, kitted projects, and do-it-yourself instructions for customers. In 2019, FCP Euro expanded to over 100,000 square feet in Milford, CT, including a state-of-the-art distribution center, customer experience, and community center, a professional motorsport garage, and an advanced walk-in retail shop with automated locker systems for local customers. With a Lifetime Replacement Guarantee on all parts, Hassle-Free Returns, and free shipping on orders over $49, FCP Euro has continuously challenged the boundaries and advanced the standards of quality, service, and technology in the automotive industry.
SOURCE FCP Euro
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