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FCP Euro, a Connecticut-based online auto parts retailer, has closed a $25 million debt facility deal with JPMorgan Chase. This funding aims to enhance customer experience by boosting infrastructure and inventory investments. The deal underscores FCP Euro’s significant growth, having achieved $110 million in parts sales in 2020.
Overview of the Deal
Connecticut-based online auto parts retailer, FCP Euro, has successfully closed a $25 million debt facility deal financed by JPMorgan Chase. This significant financial move aims to provide FCP Euro with the necessary capital to enhance the overall customer experience. The focus will be on accelerating infrastructure development and inventory investments.
A Strategic Partnership for Growth
The deal isn’t just about securing funds. It represents the end of a multi-year vetting process to find not just a bank for transactions, but a partner that can offer industry-leading advisory, analytics, growth capital, information security, and treasury management services. Scott Drozd, the CEO of FCP Euro, expressed his pride in collaborating with JPMorgan Chase. He emphasized the company’s commitment to delivering an exceptional customer experience through investments in technology, human resources, and infrastructure.
FCP Euro’s Impressive Market Presence
FCP Euro isn’t new to the automotive aftermarket scene. The company has made its mark in the $400 billion U.S. automotive aftermarket. In 2020 alone, FCP Euro reported over $110 million in total parts sales, marking a 53% growth from the previous year. The company has also been featured in Inc. Magazine’s list of 5000 fastest-growing privately-owned companies on seven occasions. With a consistent growth rate in total parts sales, FCP Euro aims to achieve $500 million in sales, focusing primarily on the European sector.
JPMorgan Chase’s Vote of Confidence
Bill Creaser, the executive director of JPMorgan Chase Middle Market Banking in Connecticut, expressed his pride in being part of FCP Euro’s growth journey. He highlighted the bank’s commitment to supporting FCP Euro’s exceptional leadership team in their future endeavors.
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