Nashville, Tenn., October 2, 2014 – Gen Cap America, Inc., a leader in the middle market buyout niche in the Southeast, announced today the company has sold Belt Power LLC after a successful relationship. Gen Cap America acquired Belt Power in August 2007 with capital from its Southvest Fund V, LP investment pool.
The buyer, Chicago-based Shorehill Capital, is a private equity firm that invests in middle market industrial and distribution companies.
“The relationship between Gen Cap and Belt Power was very successful for both companies,” said Gen Cap America Senior Vice President Chris Godwin. “Belt Power’s dedicated and high energy management team was a key factor in Gen Cap’s investment in Belt Power seven years ago, and we believe they will continue their successful growth.”
Founded in 1989 and based in Atlanta, Georgia, Belt Power is a leading full-service value-added distributor and fabricator of lightweight conveyer belts and belting accessories primarily serving the food processing market. When its founder retired in August 2007, Gen Cap America purchased the business in partnership with Belt Power’s management team.
While terms of the transaction are not publicly available, Godwin noted that Gen Cap sold Belt Power for more than five times its original investment. “During our partnership, Belt Power significantly expanded by adding a full service facility located in Houston, Texas. Both companies exit this relationship well positioned for the future,” Godwin said.
The move continues an impressive 25-year run, in which each of the Gen Cap investments has made a profit for investors, including the sale of Van Pool Transportation for more than eight times its original investment earlier this year.
Gen Cap America, Inc. is a Nashville-based private equity firm that provides equity for management buyouts, division spinoffs, and recapitalizations of profitable, well-established middle-market businesses. For more information, visit www.gencapamerica.com.