Blackstone Acquires Power Grid Components from Shorehill

Blackstone Energy Transition Partners, a private equity fund affiliated with Blackstone, has acquired electrical supplier Power Grid Components, Inc. from fellow private equity firm Shorehill Capital LLC.

Founded in 2017 by CEO Rick McClure and Shorehill Capital, Bessemer, AL-based Power Grid is a distributor of U.S. electric utility grid products, serving electric utilities, OEMs and other customers. The company provides a suite of products across three major segments — air-break switches, insulators and instrument transformers.

“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,” said David Foley, global head of Blackstone Energy Transition Partners.

Last month, Shorehill Capital announced it closed on $260 million funding round that will support continued investment in lower middle market industrial product and distribution platforms.

McClure and other senior leaders will remain with the business in their current positions following the transaction.