May 2019 – Calder Capital is pleased to announce that Grand Rapids, MI-based Power Supply, Inc. has been acquired by an Individual Investor.
Transporting natural gas from its origin to the end user requires not only a pipeline infrastructure that stretches cross-country, but massive engines and compressors housed in stations along the way to keep this critical natural resource flowing. With literally tens of thousands of consumers relying on this infrastructure, utilities and pipelines need reliable vendors that can be trusted completely to supply quality replacements parts on a short time frame. Natural gas pipeline stations throughout Michigan and Indiana have been choosing Power Supply for over 25 years to supply them with replacement parts for their engines and compressors. Shawn Elkins, the founder and seller of Power Supply, has invested decades in building out a far-reaching network of industry leading manufacturers that supply the parts that keep the lights on and homes warm throughout Michigan & Indiana.
With retirement on his radar, Mr. Elkins desired to transition the Company into hands capable of maintaining the relationships and service he had upheld through many years of business. He was very pleased when Calder introduced him to Paul Petruska, the buyer and new owner, that will be continuing Power Supply’s business operations. Mr. Elkins stated, “We met with many buyers, all high quality individuals, but Paul was exactly the type of buyer I had in mind when I began discussing the sale of my business with Calder. I feel very fortunate to have found someone I trust to continue what I started and I want to thank Max Friar and Calder Capital for doing a great job of confidentially marketing Power Supply.”
Mr. Elkins was legally represented and advised by transaction attorney Jon Siebers, of Rhoades Mckee. Mr. Sieber enjoyed working on this transaction and added, “this was a true team effort. Seller, Buyer, Calder, and the parties’ other advisors all worked together amicably to make this a smooth transaction and a smooth transition.”
Paul Petruska, the buyer who acquired Power Supply weighed in on the deal, “Power Supply is a company that operates in a very niche space and benefits from the relationships developed by Shawn. He has done an incredible job serving the natural gas industry and truly abides by his motto of, ‘making it easy for the customers to do business with you.’ I’m excited to take the reins of a very well-run and established company.”
Andrew Longcore, of the Business Law Group, represented the Buyer’s counsel. Mr. Longcore noted, “this was a fantastic transaction to work on. Shawn has created a great business and he is transitioning it to the perfect buyer in Paul. All of the seller’s advisers were great to work with. It was the type deal that you look back on and wonder if it could have gone any better.”
Calder Capital, LLC served as the exclusive M&A Advisor to Power Supply, Inc.
“Scott & Max, I’d like to formally thank the two of you for selling my company! I never dreamed that the company would someday be something that I could actually sell. When you both told me that you knew that you could sell this company, I was very pleased, hopeful and skeptical all at once. Boy am I glad that I met you. Scott, I may nominate you for the M&A Nobel Peace Prize; without your calm persistence, I don’t know if this transaction would’ve ever closed. I am confident that we found the right buyer, and that he will be successful and do a great job with Power Supply. You guys have done a masterful job from start to finish!”
– Shawn Elkins, Owner, Power Supply, Inc., Grand Rapids, Michigan (Seller)