FOR IMMEDIATE RELEASE – December 2, 2020
Belt Power LLC (“Belt Power”) announced today that it completed the acquisition of the assets of Rubber Service Corp. (“Rubber Service”) on December 1, 2020. Rubber Service operates out of the Denver metropolitan area providing lightweight belting solutions to customers in the Mountain West and Midwest United States. Rubber Service owner Lou Siemer will continue to lead the new branch for Belt Power. 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. Belt Power is a portfolio company of Shorehill Capital LLC (“Shorehill”).
The terms of the acquisition were not disclosed.
“Rubber Service and Lou Siemer have earned a strong reputation in the lightweight belting industry based on providing excellent service to their customers for over 40 years. We look forward to combining our shared capabilities and teams to expand our service solutions to the Rubber Service customers. I look forward to building on the current capabilities and continuing to expand our presence in the Denver area and throughout the Western US,” said Belt Power CEO Don Heitmeier.
“Rubber Service Corp. is excited to join the Belt Power team. Both companies share the same customer service focus, and through an increasing network of locations and industry offerings, together we will be well positioned to deliver more valuable solutions for our customers,” said Lou Siemer, owner of Rubber Service.
“Shorehill is thrilled to support Belt Power’s continuing efforts to expand geographically, and we believe this combination is important to our continuing revenue growth into the Western United States,” said Rob Hogan, Managing Director at Shorehill Capital.
About Belt Power
Headquartered in Marietta, 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. Through eight locations throughout the Southeast and Midwest, Belt Power serves the conveyor maintenance, replacement and overhaul needs of over 1,600 current customers with a focus on food processing and light industrial markets. For additional information, visit www.BeltPower.com.
Belt Power seeks to acquire other distributors and fabricators of conveyor system components and is interested in acquisition opportunities presented by business owners, management, or M&A intermediaries. Please contact Rob Hogan regarding acquisition opportunities.
About Shorehill Capital
Shorehill Capital LLC is a Chicago-based private equity firm with a passion for creating superior companies. We are focused on making control equity investments in North American engineered industrial products, industrial services, and value-added distribution companies with EBITDA between $3.0 million and $15.0 million and add-ons of any size. Shorehill seeks opportunities with differentiated business models where our experience, network and investment management approach can have a significant impact on the performance of the business. For nearly 30 years our partners have worked with middle market business leaders to accelerate growth and improve operational performance through structured investment management plans. For additional information, please visit www.ShorehillCapital.com.