FOR IMMEDIATE RELEASE – AUGUST 1, 2018
Power Grid Components, Inc. (“Power Grid”) is pleased to announce that electric utility industry veterans David (Dave) Pacyna and Thomas (Tom) Smith have joined the Board of Directors. Dave and Tom respectively have over 35 years of industry and operational experience as suppliers to the electric utility and energy space.
Dave Pacyna began his career in 1983 at Westinghouse Electric Corporation where he served in a variety of management and business development roles, working throughout the US, North & South America, Europe, the former Soviet Union, and the Middle East. In October 2002, he became President & CEO of Siemens Power Transmission & Distribution Inc. During his time at the helm of Siemens T&D, Dave led through a period of turnaround and subsequent transformational growth. Under his leadership the Siemens North American T&D business went from $250M in annual sales to $2.2B in 2012. Dave directed the addition of new business lines, the development of new products, and completed five acquisitions, transforming the company into one of the leading T&D technology and smart grid solution providers serving the North American market. In March 2013, Dave partnered with Falfurrias Capital Partners to make strategic investments in power transmission & distribution product companies serving the electric infrastructure industry. As CEO of North American T&D Group, Dave and his teams acquired Instrument Transformer Equipment Corporation (ITEC) and Advanced Control Systems (ACS). Dave currently sits on the board of The Hudson Renewable Energy Institute.
Tom Smith first entered the electric utility products industry with Siemens Energy & Automation as a sales engineer and progressed through various roles before joining Hubbell Incorporated in 1991 as the Vice President of Sales for the Ohio Brass Division. Over the subsequent few years Hubbell grew through a number of acquisitions to form Hubbell Power Systems Inc. of which Tom was appointed VP of Marketing & Sales in 1995 and Group President in 2001. Tom joined MacLean Power Systems in December of 2008 as its CEO and was appointed to the Board of the parent company, MacLean-Fogg Company. While on the Board Tom was a member of the Executive Compensation Committee. At the end of 2015, Tom stepped down from MacLean as part of a succession plan within the MacLean family. Since then he has developed an active consulting practice and also leads the Wake Forest University MBA Program in Charlotte, NC.
“We are thrilled to have these two individuals join our board. Both Dave and Tom bring a wealth of knowledge as well as hands-on experience in a range of roles from sales to corporate development, proactive talent management, and international expansion. I feel confident that with their input we will be able to execute on a winning growth strategy,” said Rick McClure, CEO of Power Grid Components.
About Shorehill Capital LLC
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.
About Power Grid Components, Inc.
Power Grid was formed by electric grid products industry veteran Rick McClure and Shorehill Capital LLC to acquire companies that manufacture and supply products used in the North American electric power grid. Currently, the company is a supplier of high quality porcelain and glass insulators, as well as instrument transformers for revenue metering and protective relaying to electric utilities, original equipment manufacturers and other customers who support the grid. For additional information, please visit, www.NewellPorcelain.com, www.ITEC-CTVT.com and www.PowerGridComponents.com.