Atlanta GA – Belt Power LLC (“Belt Power” or the “Company”) announced today that it completed the acquisition of Sun Belt Inc. (“Sun Belt”) on August 1, 2016. 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. Sun Belt is a Lakeland, Florida-based lightweight conveyor belt distributor offering innovative solutions for customers in the Midwest and Southeast markets through branches located in Lenexa, KS (Kansas City area) and Lakeland, FL. Shorehill Capital LLC (“Shorehill”), the majority investor in Belt Power, supported the acquisition with additional equity capital. Sun Belt owner Gunnar Henning will become a shareholder in Belt Power and will take an active leadership role in the Company.
The terms of the acquisition were not disclosed.
“Sun Belt is a well-respected and critical supply partner in the lightweight conveyor belting industry and we are excited to bring the Belt Power and Sun Belt teams together. I am eager to work with Gunnar and the Sun Belt team as we continue to successfully grow our business,” said Belt Power CEO John Shelton.
“I am proud of the business we built at Sun Belt, and I am thrilled to be joining forces with the Belt Power team. The Belt Power and Shorehill organizations were terrific to deal with and they made this transaction efficient, fair, and painless,” said Sun Belt owner Gunnar Henning.
“Shorehill is excited to support Belt Power in this and future acquisitions and we look forward to assisting the Belt Power team in building 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, Fredrikson & Byron P.A. and Kirkland & Ellis served as its legal advisor, and Duff & Phelps Corporation supported the Company with accounting and tax advice.
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 1,000 current customers with a particular focus on the food processing market. For additional information, visit www.BeltPower.com.
About Sun Belt
Sun Belt Inc. is a lightweight conveyor belt distributor serving a variety of industries, including the food processing, baking, confectionery, printing, and corrugated markets. Sun Belt offers a variety of value added solutions including product application assistance, troubleshooting, complete belting surveys, and comprehensive conveyor design assistance. For additional information, visit www.SunBeltIncorp.com.
About Shorehill Capital
Shorehill Capital is a Chicago-based private equity firm focused on making control investments in North American engineered products manufacturers, value-added distributors and industrial service companies with enterprise values of $25 million to $150 million. Shorehill seeks opportunities where its experience, network of advisors and investment management approach can have a significant impact on business performance. The Shorehill partners have a track record spanning more than 20 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.