MILFORD, Conn., May 01, 2019 (GLOBE NEWSWIRE) -- 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 the do-it-yourself (DIY) demographic. 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, will also 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 is also known for their Lifetime Replacement Guarantee on all of their 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 E. 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.”
About FCP Euro:
FCP Euro (www.fcpeuro.com) was established by Harry and Kathy Bauer in 1986 as a bricks-and-mortar auto parts store in Groton, Connecticut. In 2001, FCP Euro expanded online under the leadership of current CEO Scott Drozd and President Nick Bauer. Drozd and Bauer further expanded FCP Euro by developing a website that listed an online catalog of European car parts, kitted projects and do-it-yourself instructions for customers. In 2008, FCP Euro expanded to a facility in Old Saybrook, Connecticut, before ultimately moving to its current Milford facility, which includes an advanced walk-in retail shop and automated locker systems for local customers.
About Stonehenge Capital:
Since 1999, Stonehenge Capital (www.stonehengecapital.com) has operated at the nexus of finance and community development, providing transformational capital in underserved markets that has grown our nation’s small businesses, created jobs for hard-working families and revitalized urban and rural communities. Stonehenge Capital is not a typical finance firm – it is a thought leader in investment capital, producing strong returns for investors and impactful social returns for communities. Stonehenge Capital fosters collaboration across a team of seasoned and talented professionals in Baton Rouge, Columbus, New York, Dallas and other locations, who leverage two decades of expertise and relationships to provide innovative financing solutions where they are most needed on a national scale.
Contact: Charles Haberkorn
cehaberkorn@stonehengecapital.com, (212) 265-9380
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