For the last 25 years, Accurate has worked mainly in the St. Louis and Columbus, Ohio, markets, serving the food processing, automotive and tire, consumer goods, building product and general industrial space industries.
The company is known for its V-guide conveyor belts, conveyor belt cleats, lacing of all types for both lightweight and heavyweight belting, and conveyor belt splicing, among other fabrication services.
Accurate Industrial owners Glenn Siemer (president) and John Hipp (co-owner) will maintain "critical" roles with Belt Power, according to Shorehill Capital L.L.C., a Chicago-based private equity firm that owns Belt Power.
"From the founding of Accurate Industrial in 1995, I learned that success is often grounded in bold moves," Siemer said. "One such move occurred in 2007 when John Hipp acquired ownership in Accurate to become my partner. The advantages realized from this strategic union were obvious and proved beneficial to both our employees and customers alike.
"We view a merger with Belt Power in the same light. During an unparalleled time of consolidation in the lightweight belting segment, we're thrilled to be joining forces with the preeminent distributor/fabricator in North America."
Shorehill Capital has not been bashful about its stance on acquisitions and mergers, especially in 2022, as M&As continue to be the norm industry-wide.
Belt Power, which also fabricates products in the hose and gasket space, acquired Rubber Service Corp. in December 2020, a similar conveyor distribution, component solutions company based in Denver.
And in July 2021, Belt Power opened a new fabrication facility in Cincinnati with the intent of servicing Midwest customers more directly.
"Accurate and Belt Power share very similar customer-focused cultures, and we are delighted to support Belt Power's partnership with Glenn, John and the Accurate team," said Rob Hogan, managing director at Shorehill Capital. "The combination continues Belt Power's organic and acquisition-related growth initiatives, and positions Belt Power to best support local and national customers."
Belt Power maintains 10 locations in the U.S. and "is aggressively seeking to acquire other distributors and fabricators of conveyor system components," according to Shorehill.
