Belt Power purchases Dunham Rubber and Belting, widening Midwest footprint

MARIETTA, Ga.—Belt Power L.L.C. has acquired Dunham Rubber and Belting Corp. for an undisclosed amount, increasing Belt Power's footprint in the Midwest.

The acquisition of Greenwood, Ind.-based Dunham Rubber was finalized Dec. 29, according to Belt Power.

"Joining forces with the Dunham team brings together two great companies with rich traditions and strong cultures focused on taking care of our employees and delivering world class service to customers," said Belt Power CEO Don Heitmeier. "Our companies share similar business approaches with minimal customer overlap, enabling us to accelerate the expansion of our national growth strategy during a very exciting time in our industry."

Belt Power is a distributor and fabricator of belting and components for lightweight conveyor systems, including conveyor belts, equipment, accessories, rubber hose and gasket products.

The company has a significant presence in the Southeast U.S. after making acquisitions in that region over the past several years.

Dunham has been in the lightweight belting space for more than five decades, offering a variety of lightweight belting products from three Indiana locations—Greenwood, Shelbyville and Fort Wayne.

Dunham typically serves the food processing, material handling, building products, pharmaceutical and general industrial markets.

While the branding is expected to remain with Dunham, the acquired company will look to leverage Belt Power's fabrication and technical sales capabilities.

"We are excited about the next chapter of our rich legacy, providing our team with expanded opportunities and the ability to increase our capabilities to service our customers by joining forces with Belt Power," said Dunham Rubber President Gary Buchanan.

Belt Power has maintained an aggressive acquisition stance in the lightweight belting market for the past several years, and its expansion drew the attention of Denver-based Platte River Equity in late August 2022.

Previously owned by Shorehill Capital L.L.C., a Chicago-based private equity firm, Platte River purchased Belt Power for an undisclosed amount at that time.

"As the largest independent distributor, Belt Power has the industry knowledge, product line, customized fabrication capabilities, and 24/7 installation services that differentiates itself from its peers," said Platte River Equity's Mark Brown, a managing director. "Platte River was attracted to the opportunity to further scale Belt Power's national presence and is excited to partner with the management team to grow the company's leadership position within the broader industrial automation end markets."

Brown added that Platte River welcomes the Dunham team members to Belt Power.

"We are excited about the possibilities ahead and are committed to honoring several decades of history between both Belt Power and Dunham," Brown said.

Shorehill had owned the business since 2014, growing Belt Power from three U.S. facilities to 12 during that time.

In addition to Dunham Rubber, acquisitions Belt Power has made in recent years include Accurate Industrial Products L.L.C. of Imperial, Mo., a fabricator and distributor of lightweight belting components; Engineered Components Inc. of Ormond Beach, Fla., a distributor of material handling parts; Rubber Services Corp. of Denver, a distributor and fabricator of conveyor belts; and Regional Supply L.L.C. of Marietta, Ga.

Watch for more details on Belt Power's purchase of Dunham in the Jan. 23 edition of Rubber News.