FOR IMMEDIATE RELEASE – DECEMBER 20, 2022
Power Grid Components, Inc. (“Power Grid”) announced today that it completed the acquisition of Meister International (“Meister”). The transaction closed in November 2022 and represents Power Grid’s fifth acquisition. Power Grid is a supplier of high-quality products used to build, maintain and upgrade the North American electric power grid. The Company was formed in 2017 by Shorehill Capital LLC (“Shorehill”) and Rick McClure, an electric power grid industry veteran.
Meister is a distributor of high and medium voltage porcelain and polyester insulators, bushings, bus and standoff pass throughs and related utility hardware. Meister’s products are critical for regulating electricity within broader electric systems and are used by a variety of customers including original equipment manufacturers, packagers and utilities throughout the US. The Company was founded in 2003 and is based in Amelia, OH.
“Meister is a well-respected name in the industry and an important strategic addition for Power Grid. This transaction strengthens our ability to serve customers with an expanded suite of insulator and related utility products along with reliable customer service,” said Rick McClure, President and CEO of Power Grid.
Greg Smith, President of Meister, said “Power Grid is a highly regarded name in our industry and a complementary fit with Meister. Both companies are committed to excellent customer service, on-time delivery and high-quality products. I look forward to partnering with the Power Grid team and the opportunities ahead.”
“Shorehill Capital is excited to support Power Grid’s acquisition of Meister. This transaction further demonstrates our commitment to building a world-class supplier to the electric grid. We continue to seek high-quality companies that provide critical products used to maintain, repair and expand the North American power grid,” said Dave Hawkins, Shorehill Capital’s Managing Partner.
Terms of the transaction were not disclosed.
About Shorehill Capital LLC
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.
About Power Grid Components, Inc.
Power Grid was formed by Shorehill Capital LLC and electric grid products industry veteran Rick McClure to acquire companies that manufacture and supply products used in the North American electric power grid. In addition to Meister, Power Grid includes Newell Porcelain (“Newell”) a supplier of high-quality porcelain and glass insulators, Instrument Transformer Equipment Corporation (“ITEC”) a manufacturer of instrument transformers for revenue metering and protective relaying, and Royal Switchgear Manufacturing Company, Inc. (“Royal”) a manufacturer of high voltage disconnect switches and hooksticks. The Power Grid companies serve electric utilities, original equipment manufacturers and other customers supporting the electric grid. For additional information, please visit www.NewellPorcelain.com, www.ITEC-CTVT.com, www.RoyalSwitchgear.com, www.MeisterIntl.com, and www.PowerGridComponents.com.
Power Grid is actively seeking to acquire companies that supply high-quality products to the North American electric power grid. Please contact Dave Hawkins or Robert Jackson regarding acquisition opportunities.