FOR IMMEDIATE RELEASE – December 5, 2023
Shorehill Capital LLC (“Shorehill”) announced today the sale of Power Grid Components, Inc. (“Power Grid” or the “Company”) to Blackstone Energy Transition Partners, a private equity fund affiliated with Blackstone (NYSE: BX) (“Blackstone”). Blackstone completed the acquisition on November 30, 2023 in partnership with Power Grid’s existing management team.
Power Grid serves electric utilities, original equipment manufacturers and other customers with mission-critical products used on the U.S. electric utility grid. The Company provides a suite of products across three major product segments—air-break switches, insulators, and instrument transformers. Shorehill and electric grid industry veteran Rick McClure formed Power Grid in 2017 to acquire companies that manufacture and supply products used in the North American electric power grid. Over the ensuing six years Shorehill and Power Grid built a scalable platform with a strong growth profile. Power Grid completed five complementary add-on acquisitions, successfully integrating the acquired companies into one cohesive business, creating a platform with a strong management team, world class operations, institutionalized processes, and a well-defined organic growth strategy.
Dave Hawkins said, “We are proud of the business we built in partnership with the Power Grid management team and are excited to watch the Company’s future development with its new partner. Working with Rick McClure, Power Grid’s President and CEO, Keith Mayer, Power Grid’s CFO, Rob Johnson, Power Grid’s COO and all the other individuals at Power Grid has been a rewarding experience. They are not only great leaders but also great people. This is yet another example of our philosophy that people are the most important investment we make. While it is difficult to see our partnership end, we are excited to know that we found a great partner in Blackstone Energy Transition Partners to help take the Company to the next level.”
“We have enjoyed our partnership with Shorehill Capital,” said Rick McClure. “Their approach, resources and strategic guidance helped make Power Grid what it is today. I have personally worked with the Shorehill team multiple times and their strategy of patiently building businesses in the right way creates not just great companies but great companies with great cultures.”
Lincoln International acted as financial advisor to Power Grid and Katten Muchin Rosenman LLP served as legal counsel to Power Grid.
About Shorehill Capital:
Shorehill Capital LLC is a Chicago-based private equity firm with a passion for creating superior companies. Shorehill is focused on making control equity investments in North American engineered industrial products, industrial services, and value-added distribution companies with enterprise values ranging from $20 million to $150 million, and add-ons of any size. Shorehill seeks opportunities with differentiated business models where its experience, network and investment management approach can have a significant impact on the performance of the business. For nearly 30 years Shorehill’s 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 electric grid products industry veteran Rick McClure and Shorehill Capital LLC to acquire and grow companies that manufacture and supply products used in the North American electric power grid. Currently, the Company is a supplier of high voltage disconnect switchgear, high quality porcelain and glass insulators, as well as instrument transformers for revenue metering and protective relaying. These products are sold to 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.