Power Grid Components (“PGC”), a Blackstone portfolio company, announced its new brand today. This marks a significant transformation and reinforces its commitment to becoming the reliable partner of choice for electrical grid solutions. This new identity is a visible representation of PGC’s evolution as a leader in the industry. It features a modernized visual identity across its portfolio, fostering a cohesive vision.

Power Grid Components (“PGC”), a Blackstone portfolio company, announced its new brand today. This marks a significant transformation and reinforces its commitment to becoming the reliable partner of choice for electrical grid solutions. This new identity is a visible representation of PGC’s evolution as a leader in the industry. It features a modernized visual identity across its portfolio, fostering a cohesive vision.

The brand launch will be celebrated internally throughout January at various events across our sub-brands, symbolizing a fresh start for the new year and reinforcing our collective mission to deliver exceptional solutions to our customers. The transformation is designed to clarify PGC’s extensive offerings, ensuring that both customers and employees have a clear understanding of the company’s mission amidst an ever-evolving industry landscape.

PGC has achieved a modern brand experience that differentiates its services and clearly communicates the exciting journey ahead. The rollout of this rebranding will occur gradually over the coming months, encompassing a rebranding of PGC’s seven portfolio companies and hundreds of internal touchpoints across its operations.

With this announcement, PGC is also proud to introduce its new website at pgc.com. This centralized digital hub provides a comprehensive platform showcasing the full range of offerings, products, and solutions available across Power Grid Components’ portfolio. The new domain is a pivotal step in streamlining access to vital information and enhancing the user experience for both customers and stakeholders.

“As PGC continues to grow organically and expand its portfolio, our new brand unites our internal efforts and strengthens customer communication about our future. We are an evolving organization dedicated to the success of our customers and employees,” said Rick McClure, CEO of PGC.

About Power Grid Components:

Power Grid Components, Inc. was formed by electrical utility veteran Rick McClure in 2017 to acquire and grow companies that supply products used in the North American electric power grid and adjacent industries. Since its founding, PGC has acquired seven businesses and is a supplier of high-voltage disconnect switchgear, high-quality composite, porcelain and glass insulators, instrument transformers, outside plant hardware, controlled switching devices, and power distribution products.

For press inquiries, please contact:

Elisabeth Law
elisabeth.law@pgc.com

Power Grid Components (“PGC”), a Blackstone portfolio company, today announced the acquisition of Elliott Industries Inc. (“Elliott”), a company specializing in made-to-order electrical equipment for utilities, original equipment manufacturers (“OEMs”) and commercial and industrial (“C&I”) customers. This strategic acquisition will enhance PGC’s power distribution product portfolio, while ensuring the continuation of the Elliott brand and reputation.

Power Grid Components has acquired Elliott Industries, a leader in custom electrical equipment manufacturing for electric utilities, original equipment manufacturers, and commercial & industrial customers.

Power Grid Components (“PGC”), a Blackstone portfolio company, today announced the acquisition of Elliott Industries Inc. (“Elliott”), a company specializing in made-to-order electrical equipment for utilities, original equipment manufacturers (“OEMs”) and commercial and industrial (“C&I”) customers. This strategic acquisition will enhance PGC’s power distribution product portfolio, while ensuring the continuation of the Elliott brand and reputation.

Founded in 1952 by Ken Elliott and located in Bossier City, LA, Elliott has built a strong reputation for its high-quality, custom-engineered electrical equipment, whose products include power distribution products (e.g. pad-mounted switchgear, bus enclosures, metering stations) and molding component products (e.g. bushings, insulators). The company has been led in recent years by siblings Patricia Willcox and Ken Elliott III, who took over the business from their father.

“The Elliott family have built a trusted brand over several decades, developing a well-earned reputation for product quality, reliability, and customer service,” said Rick McClure, CEO and founder of Power Grid Components. “We are committed to preserving the Elliott brand while leveraging our resources to drive innovation and growth.”

“My brother Ken and I are thrilled for our company to join the PGC family,” said Patricia Willcox, President of Elliott Industries, Inc. “Over the years, we have developed a strong relationship with Rick and the PGC team. As we considered the future of Elliott, it became clear that PGC was the perfect partner, given their commitment to enhancing and investing in businesses while focusing on quality, reach, and customer service. We are confident that PGC will maintain our high standards and continue to deliver outstanding products and services to both our loyal customers and those we aim to attract in the future. I would also like to express our heartfelt gratitude to our dedicated employees, sales representatives, distributors, suppliers, and especially our customers for their unwavering support, trust, and loyalty to Elliott over the years. We are excited about the future and believe the company is in capable hands. ” Patricia and Ken will stay on to help transition the company under new ownership for an extended period.

PGC’s acquisition of Elliott highlights the favorable market trends surrounding increased investment in the maintenance and modernization of electrical infrastructure in the United States. In recent years, Elliott has effectively capitalized on these trends, demonstrating strong growth driven by rising demand for its power distribution products.

CRI Capital Advisors acted as the financial advisor to Elliott Industries.

About Power Grid Components:

Power Grid Components, Inc. was formed by electrical utility veteran Rick McClure in 2017 to acquire and grow companies that supply products used in the North American electric power grid and adjacent industries. Since its founding, PGC has acquired seven businesses. Today, PGC is a supplier of high-voltage disconnect switchgear, high-quality composite, porcelain and glass insulators, instrument transformers, outside plant hardware, controlled switching devices, and power distribution products.

About Elliott Industries:

Elliott Industries, Inc. is a leading manufacturer of high-voltage electrical equipment, serving utilities, industrial and commercial customers, and original equipment manufacturers. They specialize in switchgears, bushings, insulators, and other critical components for power distribution and transmission systems. The company is committed to providing quality products and services to ensure reliable and efficient electrical operations. The company is headquartered in Bossier City, LA.

For press inquiries, please contact:

Elisabeth Law
Director of Brand Marketing
Power Grid Components, Inc.

Power Grid Components (“PGC”), a Blackstone portfolio company, today announced that it has acquired Vizimax Inc., a leading provider of innovative solutions to measure, control and switch high- and medium-voltage electric power systems. Vizimax’s cutting-edge controlled switching device is the market-leading solution for managing and optimizing inrush currents, thereby extending the useful life of critical electrical equipment, including power transformers and circuit breakers. Headquartered in Longueuil, Quebec, Vizimax is led by President Jean-Guy Lacombe and was previously owned by a group of investors led by BDC Capital and Yaletown Ventures.

Power Grid Components has acquired Vizimax, a leading supplier of electronic devices that reduce stress on critical electrical equipment and ensure stable and reliable power supply.

Power Grid Components (“PGC”), a Blackstone portfolio company, today announced that it has acquired Vizimax Inc., a leading provider of innovative solutions to measure, control and switch high- and medium-voltage electric power systems.

Vizimax’s cutting-edge controlled switching device is the market-leading solution for managing and optimizing inrush currents, thereby extending the useful life of critical electrical equipment, including power transformers and circuit breakers. Headquartered in Longueuil, Quebec, Vizimax is led by President Jean-Guy Lacombe and was previously owned by a group of investors led by BDC Capital and Yaletown Ventures.

“At PGC, we seek partners who share our values and commitment to delivering innovative solutions to build, maintain, and protect the electrical grid,” said Rick McClure, founder and CEO of Power Grid Components. “By adding Vizimax to our portfolio of companies, we gain exceptional talent, including an experienced leadership team led by Jean-Guy, and a product that offers unparalleled protection for critical power devices utilized in electrical systems around the world. We look forward to helping Jean-Guy and his team accelerate the growth of Vizimax, particularly here in the United States.”

The acquisition of Vizimax will expand PGC’s footprint both in North America and internationally, as Vizimax sells into diverse markets around the world. The integration of Vizimax’s specialized offering into PGC’s portfolio will enhance Vizimax’s capability to deliver solutions that bolster the electrical grid’s reliability, safety, and security, aligning seamlessly with PGCs core mission.

“We, at Vizimax, are very excited to join the Power Grid Components family,” said Jean-Guy Lacombe, President of Vizimax. “This transaction represents a key step towards strengthening Vizimax’s capabilities in our goal to help ensure grid reliability around the world. We view PGC as the perfect partner to help us continue to provide best-in-class service to our existing customers and further expand our presence in the U.S. market, given PGC’s deep bench of experienced professionals and long-standing relationships with utilities, original equipment manufacturers, and renewable energy developers.”

Nomura Greentech acted as financial advisor to Power Grid Components on the transaction.

About Power Grid Components:

Power Grid Components, Inc. was formed by electrical utility veteran Rick McClure in 2017 to acquire and grow companies that supply highly-engineered, quality products used in the North American electric power grid and adjacent industries. Since its founding, PGC has acquired six businesses. Through our brands Royal, Newell, Meister, ITEC, Allied Bolt, and Vizimax, PGC offers high voltage disconnect switchgear, porcelain and glass insulators, instrument transformers, outside plant hardware, and controlled switching devices.

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 approximately $22 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 work to build stronger, larger scale enterprises, create jobs and generate lasting value for our investors, employees and all stakeholders.

About Vizimax:

Vizimax Inc, originally founded in 1988, is a leader in developing innovative and comprehensive solutions to address key challenges related to electrical grid switching, measuring, and controlling. The renowned Vizimax SynchroTeq product allows for switching at the optimal instant of the current wave form, designed to eliminate stress and damage on power devices.

Power Grid Components has acquired Allied Bolt, one of the leading global suppliers of outside plant hardware for the electrical utility and telecom industries. Power Grid Components (“PGC”), a Blackstone portfolio company, today announced that it has acquired Allied Bolt Inc., one of the leading global suppliers of outside plant hardware for the electrical utility and telecommunications industries. Headquartered in Port Chester, NY, Allied Bolt was previously owned by Glen Malin, who has led the business as President since 2002 and will remain its President on a go-forward basis.

Power Grid Components has acquired Allied Bolt, one of the leading global suppliers of outside plant hardware for the electrical utility and telecom industries.

Power Grid Components (“PGC”), a Blackstone portfolio company, today announced that it has acquired Allied Bolt Inc., one of the leading global suppliers of outside plant hardware for the electrical utility and telecommunications industries. Headquartered in Port Chester, NY, Allied Bolt was previously owned by Glen Malin, who has led the business as President since 2002 and will remain its President on a go-forward basis. The Malin family has run Allied Bolt since founding the company in 1955.

“The Power Grid Components team is thrilled to welcome Allied Bolt and Glen Malin into PGC’s portfolio of companies,” said Rick McClure, CEO and founder of Power Grid Components. “Glen Malin and his team have built a trusted brand over several decades, developing a well-earned reputation for product quality, reliability, and customer service. With our significant experience in various segments of the value chains relevant to Allied Bolt, we are excited to help Allied Bolt take the next step in their growth journey and continue to deliver high-quality products that bring high speed data, digital services, and electrical power to customers across the United States.”

“I am very excited to formally join the Power Grid Components family,” said Glen Malin, President of Allied Bolt. “I have known and respected Rick McClure and the PGC team for many years. As I considered options to take Allied Bolt to the next level, I concluded that PGC was the perfect fit for the business, given PGC’s approach towards improving and investing in businesses and strengthening their quality, reach and customer service. I am energized and excited to work for PGC to further grow Allied Bolt and continue to provide world-class service to our customers. I would also like to offer my deep-felt appreciation to our dedicated employees, sales representatives, distributors, suppliers, and especially our customers for your unwavering support, trust, and loyalty to Allied Bolt for seven decades.”

Power Grid Component’s acquisition of Allied Bolt reflects the favorable end market trends in both broadband infrastructure and the electric utility industries. Allied Bolt has capitalized on these trends in recent years, demonstrating strong growth as demand for its products have increased, driven by customers’ investments to expand and upgrade broadband infrastructure and the electrical grid.

England & Company acted as the financial advisor to Allied Bolt.

About Power Grid Components:

Power Grid Components, Inc. was formed by electrical utility veteran Rick McClure in 2017 to acquire and grow companies that supply products used in the North American electric power grid and adjacent industries. Since its founding, PGC has acquired five businesses. Today, PGC is a supplier of high voltage disconnect switchgear, high quality porcelain and glass insulators, instrument transformers and outside plant hardware.

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 approximately $22 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.

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.

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.

Shorehill Capital LLC (“Shorehill”) announced today the sale of Power Grid Components, Inc. (“Power Grid” or the “Company”) to Blackstone Energy Transition Partners, a private equity fund affiliated with Blackstone (NYSE: BX) (“Blackstone”). Blackstone completed the acquisition on November 30, 2023 in partnership with Power Grid’s existing management team. Power Grid serves electric utilities, original equipment manufacturers and other customers with mission-critical products used on the U.S. electric utility grid. The Company provides a suite of products across three major product segments—air-break switches, insulators, and instrument transformers.

Shorehill Capital LLC (“Shorehill”) announced today the sale of Power Grid Components, Inc. (“Power Grid” or the “Company”) to Blackstone Energy Transition Partners, a private equity fund affiliated with Blackstone (NYSE: BX) (“Blackstone”). Blackstone completed the acquisition on November 30, 2023 in partnership with Power Grid’s existing management team.

Power Grid serves electric utilities, original equipment manufacturers and other customers with mission-critical products used on the U.S. electric utility grid. The Company provides a suite of products across three major product segments—air-break switches, insulators, and instrument transformers. Shorehill and electric grid industry veteran Rick McClure formed Power Grid in 2017 to acquire companies that manufacture, and supply products used in the North American electric power grid. Over the ensuing six years Shorehill and Power Grid built a scalable platform with a strong growth profile. Power Grid completed five complementary add-on acquisitions, successfully integrating the acquired companies into one cohesive business, creating a platform with a strong management team, world class operations, institutionalized processes, and a well-defined organic growth strategy.

Dave Hawkins said, “We are proud of the business we built in partnership with the Power Grid management team and are excited to watch the Company’s future development with its new partner. Working with Rick McClure, Power Grid’s President and CEO, Keith Mayer, Power Grid’s CFO, Rob Johnson, Power Grid’s COO and all the other individuals at Power Grid has been a rewarding experience. They are not only great leaders but also great people. This is yet another example of our philosophy that people are the most important investment we make. While it is difficult to see our partnership end, we are excited to know that we found a great partner in Blackstone Energy Transition Partners to help take the Company to the next level.”

“We have enjoyed our partnership with Shorehill Capital,” said Rick McClure. “Their approach, resources and strategic guidance helped make Power Grid what it is today. I have personally worked with the Shorehill team multiple times and their strategy of patiently building businesses in the right way creates not just great companies but great companies with great cultures.”

Lincoln International acted as financial advisor to Power Grid and Katten Muchin Rosenman LLP served as legal counsel to Power Grid.

About Shorehill Capital

Shorehill Capital LLC is a Chicago-based private equity firm with a passion for creating superior companies. Shorehill is focused on making control equity investments in North American engineered industrial products, industrial services, and value-added distribution companies with enterprise values ranging from $20 million to $150 million, and add-ons of any size. Shorehill seeks opportunities with differentiated business models where its experience, network and investment management approach can have a significant impact on the performance of the business. For nearly 30 years Shorehill’s partners have worked with middle market business leaders to accelerate growth and improve operational performance through structured investment management plans. For additional information, please visit www.ShorehillCapital.com.

About Power Grid Components, Inc.

Power Grid 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. These products are sold to electric utilities, original equipment manufacturers and other customers supporting the electric grid.