MARIETTA, Ga.—Belt Power L.L.C. continues to maintain an aggressive acquisition stance in the lightweight belting market, and its expansion over the last several years has drawn the attention of Denver-based Platte River Equity.
Announced in late August, Platte River purchased Belt Power from Shorehill Capital L.L.C., a Chicago-based private equity firm. Terms of the transaction were not disclosed.
"We look forward to partnering with Platte River and will benefit from the firm's significant experience with industrial distribution businesses," said Belt Power CEO Don Heitmeier. "We're excited about continuing to grow our geographic presence, expand our product offering, and breadth and depth of services.
"We are confident Platte River is the right partner to build upon our history as the leading distributor of conveying solutions."
Platte River replaces Shorehill Capital as the owner of Belt Power, one of the largest domestic independent full-service suppliers of conveyor belts, equipment, accessories and rubber hose and gasket products.
"As the largest independent distributor, Belt Power has the industry knowledge, product line, customized fabrication capabilities, and 24/7 installation services that differentiates itself from its peers," said Mark Brown, Platte River managing director. "Platte River was attracted to the opportunity to further scale Belt Power's national presence and is excited to partner with the management team to grow the company's leadership position within the broader industrial automation end markets."
Shorehill has owned the business since 2014, growing Belt Power from three U.S. facilities to 12 during that time.
Included in the acquisitions Belt Power has made in recent years are Accurate Industrial Products L.L.C. of Imperial, Mo., a fabricator and distributor of lightweight belting components; Engineered Components Inc. of Ormond Beach, Fla., a distributor of material handling parts; Rubber Services Corp. of Denver, a distributor and fabricator of conveyor belts; and Regional Supply L.L.C. of Marietta, Ga.
"The Belt Power team has been relentless in (its) pursuit of excellence," said Dave Hawkins, managing partner at Shorehill. "In our eight-year partnership with the team, we jointly accomplished a great deal in the areas of strategic growth, human capital enhancements and performance improvements."
Heitmeier agreed that Shorehill put the company on a growth trajectory.
"They assisted us in developing a vision, and then gave us the tools and resources to make that vision a reality," Heitmeier said. "They helped us build a solid organizational foundation as well as a road map to continued profitable growth. We are grateful for their support."
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