FOR IMMEDIATE RELEASE – March 8, 2018
Shorehill Capital LLC (“Shorehill”) announced today that its portfolio company Belt Power LLC (“Belt Power” or the “Company”) completed the acquisition of Regional Supply, LLC (“Regional Supply”) on March 1, 2018. Belt Power is a leading full-service distributor and fabricator of lightweight conveyor system components, including conveyor belts, equipment and accessories and rubber, hose and gasket products. Regional Supply is a Marietta, Georgia-based lightweight conveyor belt distributor offering innovative solutions for customers in the eastern US. Shorehill, the majority investor in Belt Power, supported the acquisition with additional equity capital. Regional Supply owners Paul and Tim Barrett will become equity owners in Belt Power and have representation on Belt Power’s Board of Directors. Steve Casagrande, General Manager of Regional Supply, will serve as an Executive Vice President of Belt Power and will lead Belt Power’s East Region sales team.
The terms of the acquisition were not disclosed.
“Regional Supply is a critical and innovative supplier of lightweight conveyor belting solutions, supplying products across the eastern US. I look forward to combining our collective capabilities and teams to better serve customers. The Regional Supply team is a welcome addition to our current team and I look forward to working with them to grow the combined business,” said Belt Power CEO Rick McClure.
“Paul and Tim Barrett built Regional Supply to be an innovative and highly capable supplier in the industry. It has been a rewarding endeavor growing Regional over the years with our team. We are excited to be joining forces with Belt Power and I look forward to leading the combined sales team in Atlanta. The transaction process with the Shorehill team was efficient and highly collaborative. Shorehill and Belt Power enabled us to make an educated decision about the future of our business while keeping the importance of our employees and culture preservation at the forefront of the transaction,” said Steve Casagrande, General Manager of Regional Supply.
“Shorehill is eager to support Belt Power’s acquisition of Regional Supply and we believe this combination represents a critical step in Belt Power becoming the preeminent distributor in the lightweight belting market,” said Rob Hogan, Managing Director at Shorehill Capital.
NXT Capital supported the Company with incremental debt capital, and Fredrikson & Byron P.A. and Kirkland & Ellis served as its legal advisors.
About Belt Power
Headquartered in Atlanta, Georgia, Belt Power is a full‐service distributor and fabricator of conveyor system components, including conveyor belts, equipment, accessories and rubber, hose and gasket products. Belt Power serves the conveyor maintenance, replacement and overhaul needs of nearly 1,300 current customers with a focus on the food processing and light industrial markets. For additional information, visit www.BeltPower.com.
About Shorehill Capital
Shorehill is a Chicago-based private equity firm focused on making control equity investments in North American engineered industrial product, industrial service and value-added distribution companies with enterprise values up to $150 million. Shorehill seeks opportunities where its experience, network and investment management approach can have a significant impact on investment performance. The Shorehill partners have a track record spanning nearly 30 years of helping middle market companies achieve increased growth and improved operational performance through a structured investment management plan. For additional information, please visit www.ShorehillCapital.com.