Blackstone to acquire Shermco from Gryphon Investors for $1.6B

Blackstone (BX) announced that private equity funds affiliated with Blackstone have entered into a definitive agreement to acquire Shermco, a provider of full life-cycle electrical equipment services, from Gryphon Investors. The transaction values the business at approximately $1.6B. Founded in 1974, Shermco is one of the largest electrical testing organizations accredited by the InterNational Electrical Testing Association, providing comprehensive electrical system maintenance, repair, testing, commissioning and design services, with more than 600 NETA technicians and 200 engineers across 40 service centers in the U.S. and Canada. Shermco provides critical services for data centers, utilities and diversified commercial and industrial end-markets, partnering with customers to enhance the safety, reliability and efficiency of their critical electrical infrastructure, while minimizing downtime and outages.