Shorehill Capital LLC has teamed up with Rick McClure, an electric power grid industry veteran, to form Power Grid Components Inc. No financial terms were disclosed. Power Grid will focus on acquiring companies that supply products used by electric utilities, electric cooperatives, municipalities, equipment manufacturers and other industry participants to maintain, repair and expand the North American electric power grid.
FOR IMMEDIATE RELEASE – FEBRUARY 7, 2018
Chicago-based private equity firm Shorehill Capital LLC (“Shorehill”) has formed Power Grid Components, Inc. (“Power Grid”) with electric power grid industry veteran Rick McClure. Power Grid will focus on acquiring companies that supply the highest quality products used by electric utilities, electric cooperatives, municipalities, equipment manufacturers, and other industry participants to maintain, repair and expand the North American electric power grid. Rick McClure has spent his entire career in the electric industry.
During the last 25 years, Rick transformed Utiliserve, Inc., a small regional utility products distributor with $40 million of revenues into a multi-billion dollar distributor with 80 locations in the US and Canada operating as a division of HD Supply. Through both organic growth and the acquisition of 15 different companies, the business became the largest distributor serving the electric utility industry. “Power Grid’s vision is to leverage our experience within the power grid industry to build a unified company offering superior customer service, high-quality products and a rewarding working environment for our Associates. I am pleased to be working with Shorehill, a trusted partner who shares this vision with me,” said Rick McClure.
“We are excited to partner with Rick McClure and the management team from Newell/PSN. This is my second time working with Rick in the power grid space and I am excited about the potential of the strategy that we have formulated,” said Shorehill Managing Partner, Dave Hawkins.
Power Grid completed two acquisitions on November 20, 2017: Newell-PSN, LLC (“Newell”) and PSN Components, LLC (“PSN”) (collectively “Newell/PSN”). Headquartered in Columbiana, Ohio, Newell/PSN is a world-class supplier of high-quality insulators sold to electric utilities, OEMs and other customers who service the electric power grid. The Company has built its reputation on delivering high quality products through a worldwide supply chain. As part of the acquisitions, G. Rick Stanley will lead Newell/PSN as its Chief Operating Officer and became an investor and Board member at Power Grid.
TCF Capital Funding (a division of TCF National Bank) provided financing to support the acquisition of Newell/PSN. Perkins Coie LLP served as legal advisor to Power Grid, and MB Financial, Inc. advised the sellers of Newell/PSN.
About Shorehill Capital
Shorehill is a Chicago-based private equity firm focused on making control equity investments in North American engineered industrial product, industrial service and value-added distribution companies with enterprise values up to $150 million. Shorehill seeks opportunities where its experience, network and investment management approach can have a significant impact on investment performance. The Shorehill partners have a track record spanning nearly 30 years of helping middle market companies achieve increased growth and improved operational performance through a structured investment management plan. For additional information, please visit www.ShorehillCapital.com, www.NewellPorcelain.com and www.PsnComponents.com.