Auto parts manufacturer Auto Parts Plus has announced that it has raised $3.5 million to expand its U.S. operations and hire more employees.
The fund will also fund additional research and development and hiring of new team members, according to a press release.
The fund was approved by the Securities and Exchange Commission on Tuesday.
Auto Parts CEO Brian Miller said the fund is intended to expand the company’s reach into markets outside of the U.K., Australia, Canada and New Zealand, and to help drive growth.
“The Auto Parts Fund is an investment in growth and opportunity in a rapidly changing marketplace, with more than $1 billion in annual revenue and more than 1,400 jobs across North America,” Miller said in the release.
“This fund will help us build on our existing strengths in North America and the U-K, and provide a new opportunity to build a better U.P.S.”
The auto parts maker will invest the funds in “a wide range of initiatives to increase customer service and support our customers,” according to the release, which goes on to say that the fund will be used to help grow its global business.
The company’s current headquarters are in Atlanta, Georgia, but Miller said it plans to open more offices around the world.
Miller said in December that the company plans to expand into Asia and Europe, and that it expects to double its sales in the coming years.