Chicago-based Shorehill Capital has held a second closing of Shorehill Private Equity LP at $173.8 million. The firm began raising its first fund in November 2014 and is targeting $250 million in total capital commitments.
Shorehill Capital makes control investments in middle market industrial and distribution companies that have from $5 million to $50 million in EBITDA. The firm was founded in 2013 by its managing partners Brian Simmons and Dave Hawkins, both former senior executives of CHS Capital. Shorehill is based in Chicago (www.shorehillcapital.com).
In September 2014, the firm acquired its first portfolio company with the buy of Belt Power, a distributor of lightweight conveyor belts and belting accessories. The company was founded in 1989 and is headquartered in Atlanta (www.beltpower.com). NXT Capital provided a $17 million senior secured facility to fund the acquisition. Shorehill acquired Belt Power from Gen Cap America.
In addition to continuing its fundraising activities, Shorehill is looking for new platform investments of industrial and distribution companies and seeking add-on acquisitions to Belt Power, either businesses serving the lightweight belting market via distribution or through value‐added services.
© 2015 PEPD • Private Equity’s Leading News Magazine • 8-7-15
