Shorehill Capital LLC (“Shorehill”) announces the sale of Belt Power LLC (“Belt Power”) to Platte River Equity (“Platte River”). Platte River completed the acquisition in partnership with Belt Power’s existing management team. Shorehill will retain an ongoing equity stake in the business.
Belt Power is the largest independent lightweight conveyor belting and automation solutions platform, distributing and fabricating a wide range of products to end users, OEMs and integrators. From its twelve locations nationwide, the business supports the high-touch needs of customers with significant lightweight belting industry knowledge, a broad product line, customized fabrication capabilities and 24/7 installation and repair services. Customers range from the steady food segment to emerging growth markets such as material handling, paper/corrugated, and pharmaceuticals.
Belt Power has grown significantly since Shorehill’s original investment in 2014, expanding from three locations to twelve locations via new branch openings and add-on acquisitions. Since 2014, Shorehill worked with the Belt Power management team to enhance company leadership through internal promotions and the addition of outside talent, to build a culture of employee engagement, to install standard operating procedures across the organization, and to increase Belt Power’s focus on delivering uptime and maximum production output for customers.
“The Belt Power team has been relentless in their pursuit of excellence,” said Dave Hawkins, Managing Partner at Shorehill. “In our eight-year partnership with the team, we jointly accomplished a great deal in the areas of strategic growth, human capital enhancements, and performance improvements.” Rob Hogan, Managing Director at Shorehill Capital added, “Our collaboration with the Belt Power team has been seamless, and they have been outstanding partners in our shared success. We look forward to supporting the team as they continue to drive long-term value creation in the years ahead.”
“The Shorehill team has been a great partner for Belt Power,” said Belt Power CEO Don Heitmeier. “They assisted us in developing a vision, and then gave us the tools and resources to make that vision a reality. They helped us build a solid organizational foundation as well as a roadmap to continued profitable growth. We are grateful for their support, and we look forward to continuing our Shorehill relationship as we embark on our partnership with Platte River.”
Baird and Prestwick Advisors, LLC acted as financial advisors and Kirkland & Ellis LLP and Fredrikson & Byron, P.A. acted as legal counsel to Belt Power and Shorehill in the transaction.
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 twelve locations throughout the US, Belt Power serves the conveyor maintenance, replacement and overhaul needs of over 3,000 current customers with a focus on food processing, packaging, material handling and light industrial markets. For additional information, visit www.BeltPower.com.
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 million and $15 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.