Belt Power, a distributor and fabricator of belting and other components for lightweight conveyor systems, has acquired Dunham Rubber & Belting. Platte River acquired Belt Power from Shore Hill Capital in August 2022.
Belt Power distributes and fabricates numerous products including metal and thermoplastic grabber belts, ribbed belts, top chains, timing belts, turn belts, v-belts, roller covers, and various conveyor accessories including rubber, hose and gasket products. The company also offers a range of support services including conveyor belt analysis, fabrication, installation, and repair.
The customers of Belt Power – totaling more than 3,000 – include end users, OEMs, and as well as conveyor system integrators that are active in the food processing, packaging, material handling, paper and corrugated, pharmaceuticals, and other light industrial sectors.
Belt Power, founded in 1989 and led by CEO Don Heitmeier, has 12 locations and, according to the company, is the largest independent lightweight conveyor belting and automation products platform in the United States. The company is headquartered near Atlanta in Marietta, Georgia.
Like Belt Power, Dunham Rubber & Belting is a fabricator and distributor of lightweight belting products used in the food processing, material handling, building products, pharmaceutical, and general industrial sectors. The company’s service capabilities include on-site conveyor belt installation and repair.
Dunham, led by President Gary Buchanan, was founded in 1965 and is headquartered near Indianapolis in Greenwood, Indiana, with two additional Indiana-based facilities in Shelbyville and Ft. Wayne.
“Joining forces with the Dunham team brings together two great companies with rich traditions and strong cultures focused on taking care of our employees and delivering world-class service to customers. Our companies share similar business approaches with minimal customer overlap, enabling us to accelerate the expansion of our national growth strategy during an exciting time in our industry,” said Mr. Heitmeier.
“Platte River welcomes the Dunham team members to the Belt Power organization,” said Mark Brown, a managing director at Platte River. “We are excited about the possibilities ahead and are committed to honoring several decades of history between both Belt Power and Dunham.”
Platte River continues to seek additional add-on acquisitions for Belt Power with a specific interest in companies that are active in the distribution and or servicing of conveyor system components and have at least $1 MM in revenue and $200,000 of EBITDA.
Platte River makes equity investments of $25 million to $100 million in lower middle-market companies with annual revenues of $20 million to $250 million and EBITDA from $7 million to $30 million. Sectors of interest include aerospace and transportation; energy products and services; industrial products and services; and agriculture and chemicals. Since its founding in 2006, the Denver-based firm has raised more than $1.3 billion in capital and is now investing out of its $625 million fourth fund which closed in June 2017.
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