Power Grid Components, a portfolio company of Shorehill Capital, has acquired Instrument Transformer Equipment (ITEC). Financial terms weren’t announced. Monroe, NC-based ITE makes dry molded and oil-filled instrument transformers. TCF Capital Funding provided senior financing. Perkins Coie served as legal advisor to Power Grid, while Stephens advised the sellers of ITEC.
“We are excited to add the associates of ITEC to the Power Grid family. They have worked hard to build high quality products that consistently satisfy their customers’ needs. We are also tremendously excited to expand Power Grid’s product portfolio beyond insulators and look forward to adding additional product categories in the near future. ITEC is exemplary of the types of businesses we seek to add to our platform,” said Shorehill Capital’s Rick McClure.
Clinton Gehrmann, president of ITEC, said, “The partnership with Power Grid will bring added resources to allow our company to grow and achieve our strategic goals.”
Upon completion of the acquisition, Gehrmann joined the board of directors of Power Grid.
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