Poole Carbone Eckbert Secures Second Round Financing for International Parts Expansion to E-Business
14 November 2000
Poole Carbone Eckbert Secures Second Round Financing for International Parts Expansion to E-Business
WINTER PARK, Fla.--Nov. 14, 2000--The Winter Park investment bank of Poole Carbone Eckbert closed $4.25 million of Series C Preferred Stock in second round financing for Jacksonville-based International Parts (ezfindparts.com), it was announced today by Partner John Eckbert. The second round financing will support the expansion of International Parts' online business, including marketing of its proprietary online database of used, new after market and rebuilt auto parts to mechanical repair shops and auto part retailers, and building a distribution sales force. The company's Internet venture includes both direct and wholesale business models. In February 2000, Poole Carbone Eckbert raised $2 million in Series A Preferred Stock to launch the company's e-business initiatives."We are pleased that we were able to raise funds to continue the push to e-business for International Parts," stated Eckbert. "Based on our success with International Parts, we feel confident that Florida-based businesses with good management and solid growth plans are able to access venture capital funding."
Since 1992, International Parts (ezfindparts.com) has grown to become the largest buyer and seller of used auto parts in the country. While owning no inventory, the company has developed the largest proprietary database in the industry consisting of more than 3,000 suppliers nationwide that include aftermarket manufacturers, auto recyclers and parts rebuilders. Using International Parts' database, accessed at ezfindparts.com, businesses and consumers are able to locate a wide variety of auto parts, including hard to find items, and order completely online.
With the expansion into e-commerce, International Parts will enhance its distribution channels, complementing its call-center distribution channel. For business-to-business customers, the company's extensive database offers new distribution opportunities and the largest combined source of used, rebuilt and new auto parts available.
"Having grown the company over the past eight years, we've established ourselves as the dominant domain knowledge company in the mechanical replacement parts market," said International Parts President Lonnie Margol. "I believe the combination of our exhaustive and proprietary database of parts and our electronic commerce strategy will drive significant value creation for our company."
Poole Carbone Eckbert Inc. is a Florida investment banking firm offering traditional corporate finance services to Florida's early stage and middle market companies. The firm provides value added investment banking services including mergers, acquisitions, growth and venture capital, and IPO advisory services.