Blackstone acquires critical components supplier Power Grid Components, no terms

Blackstone announced that private equity funds affiliated with Blackstone have closed the acquisition of Power Grid Components from Shorehill Capital…PGC was founded in 2017 by CEO Rick McClure and Shorehill Capital LLC. Mr. McClure and the other senior leaders will remain with the business in their current positions following the transaction. David Foley, Global Head of Blackstone Energy Transition Partners, said: “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. ..”John-Paul Munfa, Senior Managing Director at Blackstone, added: “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. 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.”