Blackstone Acquires Power Grid Components, Inc., a Leading Supplier of Critical Components for the Electrical Grid
05 Dezembro 2023 - 10:30AM
Business Wire
Today, Blackstone (NYSE: BX) announced that private equity funds
affiliated with Blackstone have closed the acquisition of Power
Grid Components, Inc. (“PGC”) from Shorehill Capital LLC.
PGC is a leading domestic designer and manufacturer of a wide
range of critical components for protection, monitoring, and safety
applications in electrical substations, an essential segment of the
electrical grid responsible for managing and monitoring power flows
and converting electricity into different voltages. As a supplier
of critical components to the grid and partner to many of the
nation’s largest electrical utilities, PGC advances the global
energy transition by improving the reliability, capacity, and
safety of the grid, by enabling the deployment of new renewable
generation, and by supporting broad electrification trends. 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. 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.”
John-Paul (JP) 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.”
Rick McClure, CEO of Power Grid Components, Inc., said: “Our
leadership team is thrilled to be partnering with Blackstone, a
leader in energy transition investing. We believe Blackstone will
be an outstanding strategic partner in helping us achieve long-term
growth while continuing to supply essential components with
outstanding quality, reliability and lead times to North America’s
electrical utilities.”
About Blackstone
Blackstone is the world’s largest alternative asset manager. We
seek to create positive economic impact and long-term value for our
investors. We do this by relying on extraordinary people and
flexible capital to help strengthen the companies we invest in. Our
over $1 trillion in assets under management include investment
vehicles focused on private equity, real estate, public debt and
equity, infrastructure, life sciences, growth equity,
opportunistic, non-investment grade credit, real assets and
secondary funds, all on a global basis. Further information is
available at www.blackstone.com. Follow @blackstone on LinkedIn, X
(Twitter), and Instagram.
About Blackstone Energy Transition Partners
Blackstone Energy Transition Partners is Blackstone's
energy-focused private equity business, a leading energy investor
with a successful long-term record, having invested over $21
billion of equity globally across a broad range of sectors within
the energy industry. Our investment philosophy is based on backing
exceptional management teams with flexible capital to provide
solutions that help energy companies grow and improve performance,
thereby delivering cleaner, more reliable and affordable energy to
meet the needs of the global community. In the process, we build
stronger, larger scale enterprises, create jobs and generate
lasting value for our investors, employees and all
stakeholders.
About Power Grid Components, Inc.
Power Grid Components, Inc. was formed by electric grid products
industry veteran Rick McClure and Shorehill Capital LLC to acquire
and grow companies that manufacture, and supply products used in
the North American electric power grid. Currently, the company is a
supplier of high voltage disconnect switchgear, high quality
porcelain and glass insulators, as well as instrument transformers
for revenue metering and protective relaying to electric utilities,
original equipment manufacturers and other customers who support
the grid.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231204211790/en/
Kate Holderness Kate.holderness@blackstone.com 917-318-6818
Blackstone (NYSE:BX)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Blackstone (NYSE:BX)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024