Shorehill Capital on Tuesday announced the sale of Belt Power LLC to Platte River Equity.
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 12 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 12 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."
“Our collaboration with the Belt Power team has been seamless, and they have been outstanding partners in our shared success," added Shorehill managing director Rob Hogan. "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.”