(Reuters) -Private investment firm Gryphon Investors said on Thursday it had agreed to sell Shermco, its portfolio company, to Blackstone in a deal valued at about $1.6 billion. Irving, Texas-based Shermco provides comprehensive electrical system services, as well as critical services for data centers, utilities and other diversified commercial and industrial end-markets. It has operations […]
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Gryphon to sell Shermco to Blackstone for about $1.6 billion
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(Reuters) -Private investment firm Gryphon Investors said on Thursday it had agreed to sell Shermco, its portfolio company, to Blackstone in a deal valued at about $1.6 billion.
Irving, Texas-based Shermco provides comprehensive electrical system services, as well as critical services for data centers, utilities and other diversified commercial and industrial end-markets.
It has operations in more than 40 locations in the United States and Canada.
Growing global investments in artificial intelligence and modern data centers have fueled demand for maintenance and repair services, benefiting companies like Shermco.
“We look forward to pursuing organic initiatives and making additional add-on acquisitions in partnership with Blackstone,” Shermco CEO Phil Petrocelli said.
Gryphon said it had made its initial investment in Shermco in June 2018.
Harris Williams served as the lead financial advisers to Shermco and Kirkland & Ellis as legal advisers to Gryphon.
(Reporting by Anshuman Tripathy in Bengaluru; Editing by Pooja Desai)