Chicago-based private equity firm Shorehill Capital LLC has formed Power Grid Components, Inc. 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, McClure transformed Utiliserve, Inc., a small regional utility products distributor with US$40 million of revenues into a multi-billion dollar distributor with 80 locations in the United States 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 McClure.
Power Grid completed two acquisitions on Nov. 20, 2017: Newell-PSN, LLC and PSN Components, LLC.. Headquartered in Columbiana, Ohio, Newell/PSN is a supplier of insulators sold to electric utilities, OEMs and other customers who service the electric power grid. 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.
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.
