CarParts.com receives $35.7 million investment, Caliber buys Car Body Lab

CarParts.com has secured a “strategic” $35.7 million investment from ZongTeng Group, A-Premium, and CDH Investments.

The investment will provide flexible, low-cost growth capital to fund strategic initiatives, according to a press release from CarParts.com.

The company says the new resources will allow it to expand its product assortment, enhance customer experience, and accelerate key operational improvements. The release notes that ZongTeng’s advanced logistics network will reduce CarParts.com delivery times, improve inventory management, and lower fulfillment costs.

CarParts.com and A-Premium have also entered a long-term commercial partnership. It will provide CarParts.com customers access to over 150,000 additional products, including proprietary kits and bundles, the release says.

With this transaction, CarParts.com has concluded its strategic alternatives review process that was announced in March.

“After thoroughly evaluating a full range of strategic alternatives, including the sale of the company and other investment and strategic opportunities, CarParts.com’s Board of Directors unanimously concluded that this transaction best positions CarParts.com to deliver significant, near-term shareholder value while also allowing for investment to accelerate growth,” the release says.

David Meniane, CEO of CarParts.com, added, “After we announced our strategic review process in March 2025 following unsolicited inbound strategic inquiries, we thoroughly evaluated all alternatives to determine the best path forward for our shareholders. We engaged with a significant number of interested parties and examined all reasonably available options, including selling the company.

“This transaction stood out due to its immediate value recognition through a meaningful premium to the recent historical trading range of Carparts.com’s stock, retained upside potential for our shareholders, and transformational sourcing and operational capabilities that position us to drive long-term shareholder value creation.”

In the transaction, CarParts.com will issue 10.3 million new common shares at $1.04 per share to the investor group, which represents a premium of 18% to CarParts.com’s 90-day volume-weighted average price, according to the release.

CarParts.com is also issuing convertible notes to ZongTeng Group and CDH Investments in an aggregate principal amount of $25 million with a three-year term, a 2% annual interest rate, and a conversion price of $1.20 per common share.

“This structure provides immediate growth capital while aligning CarParts.com’s partners and shareholders around building long-term, sustainable value for the company,” the release states. “The transaction is expected to be completed in the coming days. The conversion of the convertible notes is subject to approval by CarParts.com shareholders to the extent necessary to comply with Nasdaq rules.”

In other business expansion news, Caliber announced Wednesday its acquisition of Car Body Lab, a mobile auto body repair company currently servicing 20 cities across Arizona, California, Florida, Georgia, Nevada, North Carolina, and Texas.

Terms of the acquisition were not disclosed, and Car Body Lab will continue to operate as a standalone business, according to a Caliber press release.

Caliber says the acquisition is expected to expand the auto body repair capabilities of Caliber Fleet Solutions, a specialized division of large volume fleet and business auto body and glass repair.

According to its website, Car Body Lab provides auto body repair, auto body paint, part replacement, mobile bumper repair, and windshield replacement.

Potential customers request a quote online by submitting their information with vehicle damage photos, and in most cases, Car Body Lab responds with a quote in under 15 minutes, the website states.

“Our technicians drive vans that are fully equipped with all the necessary tools, color-matching technology, and paint in order to perform the repairs in a driveway or private parking,” Car Body Lab states on the site. “All repairs are backed with a lifetime warranty from our certified technicians… Almost 100% of the time, our technicians will complete a repair to perfection on the same day as the appointment. However, occasionally unforeseen weather conditions and other elements can cause imperfections in their work. If you find yourself facing any unforeseen issues from the day of repair, we will do everything in our power to repair or rework any issues — free of charge.”

Shawn Hezar, Caliber’s chief corporate development officer, said in the release that Car Body Lab will help “expand our commitment to providing the highest value and consistency that fleet managers can depend on and expect from us” when getting customers “back on the road safely and quickly.”

Brent Jones, Caliber’s senior vice president of operations and fleet solutions, added, “Car Body Lab’s addition to the Caliber family equips our national footprint with enhanced digital capabilities that deliver on our mission to be the most trusted automotive services provider in every community we serve.”

As part of the acquisition, Rudy Joudet, Car Body Lab’s founder and CEO, will join Caliber’s leadership team as a vice president of operations. She said her company looks forward “to leveraging our combined expertise and expanded reach to deliver quality repairs and service excellence with speed and precision.”

Images

Featured image: Caliber Collision body repair tech works in a shop. (Provided by Caliber)

Logos provided by CarParts.com and Caliber.