Blackstone Acquires Power Grid Components, Inc., a Leading Supplier of Critical Components for the Electrical Grid
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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
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
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
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.
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Kate Holderness
Kate.holderness@blackstone.com
917-318-6818
Source: Blackstone
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