Investcorp Holdings B.S.C. acquired an unknown majority stake in Shearer Supply, Inc. from Shearer's management team, the Shearer family and PNC Riverarch Capital on April 11, 2023. Post deal completion, Shearer's management team, the Shearer family and PNC Riverarch Capital will remain shareholders in the Company alongside Investcorp. Robert W. Baird & Co. Incorporated acted as financial advisor to Shearer Supply, Inc.

Investcorp Holdings B.S.C. completed the acquisition of an unknown majority stake in Shearer Supply, Inc. from Shearer's management team, the Shearer family and PNC Riverarch Capital on April 11, 2023.