Shorehill Capital LLC announced Aug. 23 that it has sold Belt Power LLC to Platte River Equity in partnership with Belt Power’s existing management team. Shorehill will retain an ongoing minority equity stake in the business.
Marietta, Georgia-based 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 12 locations throughout the U.S., 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.
According to Shorehill, Belt Power 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.
Belt Power has grown significantly since Shorehill’s original investment in 2014, expanding from three branch locations to 12 via new openings and add-on acquisitions. Shorehill notes that, since 2014, it has 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, Shorehill managing partner. “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,” added 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.”
The latest news out of Belt Power included its acquisition of Accurate Industrial Products (Imperial, Missouri) on Dec. 30, 2021, and the acquisition of Engineered Components, Inc. on July 16, 2021.