Shorehill Capital has acquired a majority interest in Belt Power LLC, a distributor of lightweight conveyor belts and belting accessories. Belt Power was a portfolio company of Gen Cap America.
“We were impressed with Shorehill Capital’s knowledge of the distribution industry as well as their ability to grow businesses strategically,” said John Shelton, President of Belt Power. “The resources and acumen they bring to Belt Power will help us take our company to the next level.”
Belt Power is a distributor and fabricator of conveyor system components, including conveyor belts, equipment, accessories and rubber, hose and gasket products. Belt Power serves the conveyer maintenance, replacement and overhaul needs of nearly 1,000 current customers with a particular focus on the food processing market. The company was founded in 1989 and is headquartered in Atlanta (www.beltpower.com).
“We look forward to working with John Shelton and Executive Vice President Travis Wilson on numerous growth initiatives, including strategic acquisitions, greenfield expansion and incremental product and service offerings,” said Rob Hogan, Managing Director at Shorehill Capital. “We continue to look for successful companies in the distribution and industrial markets where we can apply our active investment management approach in partnership with outstanding management teams to accelerate earnings growth and value creation.”
Shorehill Capital invests in North American based manufacturing and distribution companies with $5 million to $50 million in EBITDA. The firm was co-founded by Brian Simmons and Dave Hawkins and is based in Chicago (www.shorehillcapital.com).
The seller of Belt Power, Gen Cap America, invests in companies with revenue between $5 million and $100 million that are active in the manufacturing, distribution or service sectors. Gen Cap was founded in 1985 and is based in Nashville (www.gencapamerica.com).
Prestwick Partners acted as the exclusive advisor to Belt Power and Gen Cap America.
2014 PEPD • Private Equity’s Leading News Magazine • 9-29-14
