Blackstone Acquires Power Grid Components
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Blackstone said that private equity funds affiliated with Blackstone have closed the acquisition of Power Grid Components, Inc. (PGC) from Shorehill Capital LLC.
PGC is a leading domestic designer and manufacturer of a wide range of critical components for protection, monitoring, and safety applications in electrical substations, an essential segment of the electrical grid responsible for managing and monitoring power flows and converting electricity into different voltages. As a supplier of critical components to the grid and partner to many of the nation’s largest electrical utilities, PGC advances the global energy transition by improving the reliability, capacity, and safety of the grid, by enabling the deployment of new renewable generation, and by supporting broad electrification trends. PGC was founded in 2017 by CEO Rick McClure and Shorehill Capital LLC. McClure and the other senior leaders will remain with the business in their current positions following the transaction.
“As a leading investor in the energy transition, we proactively seek out companies with strong, entrepreneurial management and work to help them fully capitalize on the growth opportunities available to them,” said David Foley, global head of Blackstone Energy Transition Partners.
“The acquisition of Power Grid Components fits squarely within one of our favorite investment themes — the U.S. electrical grid, joining our other recent grid-related investments, including Champlain Hudson Power Express, equipment manufacturers such as Sabre and grid software companies such as Energy Exemplar,” added Foley.
“We’re thrilled to invest in PGC, which we believe is well-positioned to benefit from tremendous growth driven by long-term secular tailwinds associated with the need to replace aging electrical grid infrastructure, connect newly-built renewable power generation, increase capacity to meet growing electricity demand, and harden the grid to improve its reliability,” said John-Paul (JP) Munfa, senior managing director at Blackstone.
“We look forward to working with Rick and his team on this next chapter for PGC. PGC has built strong, long-term relationships with many of our nation’s leading electrical utilities and has positioned itself as an acquiror of choice within the electrical components sector,” added Munfa.
“Our leadership team is thrilled to be partnering with Blackstone, a leader in energy transition investing. We believe Blackstone will be an outstanding strategic partner in helping us achieve long-term growth while continuing to supply essential components with outstanding quality, reliability and lead times to North America’s electrical utilities,” said Rick McClure, CEO of Power Grid Components.
Blackstone is the world’s largest alternative asset manager. They seek to create positive economic impact and long-term value for their investors. They do this by relying on extraordinary people and flexible capital to help strengthen the companies we invest in. Their more than $1 trillion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis.
Power Grid Components was formed by electric grid products industry veteran Rick McClure and Shorehill Capital to acquire and grow companies that manufacture, and supply products used in the North American electric power grid. Currently, the company is a supplier of high voltage disconnect switchgear, 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.
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