- people on the move
Owner sells natural gas business
A local natural gas parts supplier has changed hands.
Grand Rapids-based Power Supply, Inc. was recently acquired by investor Paul Petruska, according to Calder Capital last week.
Calder Capital served as the M&A advisor to Power Supply.
Shawn Elkins, the founder and former owner of Power Supply, spent decades building out a network of manufacturers that supply the parts necessary to power homes throughout Michigan and Indiana, but now, he said, it is time for him to retire.
Calder Capital introduced Elkins to Petruska, who will continue Power Supply's business operations as the new owner.
"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,” Elkins said. “I feel very fortunate to have found someone I trust to continue what I started.”
Petruska said 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,'" Petruska said. "I'm excited to take the reins of a very well-run and established company."
Power Supply, Inc. is a manufacturers representative and distributor of original equipment manufacturer, or OEM, and non-OEM after-market replacement parts for the natural gas pipeline, refining and municipal power markets.