Shorehill Capital Sells Power Grid Components to Blackstone - Modern Distribution Management

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Shorehill Capital Sells Power Grid Components to Blackstone

Bessemer, Alabama-based PGC is a distributor of air-break switches, insulators and instrument transformers.
Power Grid Components

Shorehill Capital announced Dec. 5 that it has sold Power Grid Components, Inc. to fellow private equity firm Blackstone via Blackstone Energy Transition Partners, effective Nov. 3 in partnership with Power Grid’s existing management team.

Bessemer, Alabama-based Power Grid is a distributor of U.S. electric utility grid products, serving electric utilities, OEMs and other customers. The company provides a suite of products across three major 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. They teamed to scale the Power Grid platform over the next six years, completing five complementary add-on acquisitions and integrating them into one business.

“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,” said Dave Hawkins, Shorehill Co-Founder and Managing 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,” McClure added. “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.”

On Nov. 16, Shorehill announced that it had closed on $260 million in new funding that will support continued investment in lower middle market industrial product and distribution platforms.

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