Shorehill Capital Sells Power Grid Components Inc.

A private equity fund affiliated with Blackstone acquired the company.

I Stock 1161679866

Shorehill Capital LLC on Tuesday announced the sale of Power Grid Components Inc. to Blackstone Energy Transition Partners, a private equity fund affiliated with Blackstone.

Blackstone completed the acquisition on Nov. 30, 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.

“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," said Shorehill managing partner Dave Hawkins. "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 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.”

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