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October 24, 2023

Milford-based online auto parts retailer completes $25M financing round

Contributed FCP Euro's 146,000 square-foot distribution center in Mesa, Arizona
By Andrew Larson

A Milford-based auto parts retailer said it has raised $25 million in a Series A funding round that will be used to fund the relocation of its Connecticut headquarters and another project in Arizona.

The company, FCP Euro, said it will use the money to expand its geographical footprint and to grow its customer base.

In June, the Hartford Business Journal reported that FCP Euro planned to move into the former headquarters of sandwich franchise giant Subway at 325 Sub Way in Milford. 

"The transaction is to help fund the growth here in Connecticut as well as our expansion in Arizona," said FCP Euro President Nick Bauer, who founded the company. "We are still working with the developer on the Subway property, yet nothing has been finalized yet."

A developer has purchased the former Subway property and is redeveloping it. Subway recently moved to a global dual headquarters in Shelton.

Also, in March, the company announced that it planned to open a new 146,000-square-foot distribution center in Arizona.

"This funding not only propels us into our next phase of growth but stands as a testament to the hard work and dedication of our workforce, which is now over 240 strong,” Scott Drozd, CEO of FCP Euro, said in a statement. “We are enthusiastic about our new partnership and eagerly anticipate the collaborative endeavors ahead." 

The company did not disclose the investors. 

FCP Euro sells repair parts for 10 European car lines and expects to exceed $200 million in sales in 2023.

FCP Euro is known for its large online audience, with 290,000 YouTube subscribers and 63 million views since inception. The company was formed in 1986.

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