Power Grid Components, Inc. announces the acquisition of Instrument Transformer Equipment Corporation
FOR IMMEDIATE RELEASE – APRIL 13, 2018
Power Grid Components, Inc. (“Power Grid”), a company formed by Shorehill Capital LLC (“Shorehill”) and Rick McClure, an electrical power grid industry veteran, announced today the completion of the acquisition of Instrument Transformer Equipment Corporation (“ITEC”). This is Power Grid’s second acquisition.
ITEC is a manufacturer of dry molded and oil-filled instrument transformers based in Monroe, North Carolina. The company’s products are used in several critical applications, including revenue metering, protective relaying and station power. Notably, ITEC has a strong reputation for technical expertise and a niche product offering with voltages ranging from 600V to 230kV.
“We are excited to add the associates of ITEC to the Power Grid family. They have worked hard to build high quality products that consistently satisfy their customers’ needs. We are also tremendously excited to expand Power Grid’s product portfolio beyond insulators and look forward to adding additional product categories in the near future. ITEC is exemplary of the types of businesses we seek to add to our platform,” said Rick McClure.
Clinton Gehrmann, President of ITEC, said, “The partnership with Power Grid will bring added resources to allow our company to grow and achieve our strategic goals.” Upon completion of the acquisition, Mr. Gehrmann joined the board of directors of Power Grid.
Looking ahead, Power Grid will continue to focus on acquiring companies that supply high 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.
Newell-PSN, LLC, a supplier of porcelain insulators, was Power Grid’s first acquisition, completed in November 2017.
TCF Capital Funding (a division of TCF National Bank) provided senior financing to support the acquisition. Perkins Coie LLP served as legal advisor to Power Grid, and Stephens Inc. advised the sellers of ITEC.
About Shorehill Capital LLC
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.
About Power Grid Components, Inc.
Power Grid was formed by electric grid products industry veteran Rick McClure and Shorehill Capital LLC to acquire companies that manufacture and supply products used in the North American electric power grid. Currently, the company is a supplier of high quality porcelain and glass insulators, as well as instrument transformers for revenue metering and protective relaying to electric utilities, original equipment manufacturers and other customers who support the grid. For additional information, please visit www.NewellPorcelain.com, www.ITEC-CTVT.com and www.PowerGridComponents.com.