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Investment company Blackstone closed its acquisition of electrical supplier Power Grid Components Inc. (PGC) from Shorehill Capital LLC, Blackstone announced Dec. 5 in a press release.
PGC, founded in 2017 by CEO Rick McClure and Shorehill Capital, is currently a supplier of high voltage disconnect switchgear, porcelain, glass insulators instrument transformers for revenue metering and protective relaying to electric utilities and original equipment manufacturers, the release added.
McClure and the other senior leaders will remain with PGC in their current positions following the transaction.
“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,” said David Foley, global head of Blackstone.
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