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Two investment groups will split the funding cost
BuyAutoParts.com, a web-only retailer of auto parts and accessories, announced that it received $18.6 million in new funding from two separate investment groups, Gladstone Investment Corp. and Gladstone Capitol Corp.
Gladstone Investment contributed $13 million to the San Diego-based retailer, and Gladstone Capitol provided the other $5.6 million. Both groups cited BuyAutoParts’ solid reputation built on expert sales advice, product category depth and available inventory as the major reason for their investment.
"We are very excited to have the investment groups join our team," says Dara Greaney, CEO of BuyAutoParts.com. "This funding will help us grow and develop the business as we've envisioned but have never gotten the opportunity to execute. We want to invest in advancing our technology, improving efficiency, and focus on the expansion of our product lines to ultimately improve consumer experience."
BuyAutoParts.com, No. 422 in the Top 500 Guide, launched its first e-commerce site in 2001 and now operates five others, including CarPartsWarehouse.com. The retailer generated almost $27.5 million in 2012 web sales, up about 30% from 2011.