Daily News: April 16, 2018

TCF Capital Provides Financing to Support Power Grid Acquisition

Power Grid Components, a portfolio company of Shorehill Capital, acquired Instrument Transformer Equipment (ITEC). TCF Capital Funding provided senior financing to support the transaction. Other financial terms were not disclosed.

Upon completion of the acquisition, Clinton Gehrmann, president of ITEC, joined the board of directors of Power Grid.

“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.

“The partnership with Power Grid will bring added resources to allow our company to grow and achieve our strategic goals,” Gehrmann said.

Perkins Coie served as legal advisor to Power Grid, while Stephens advised the sellers of ITEC.

Monroe, NC-based ITEC makes dry molded and oil-filled instrument transformers.