Private equity titan Blackstone has struck another high-voltage deal. On Thursday, the firm announced plans to acquire Shermco, a powerhouse in electrical equipment services, from Gryphon Investors in a transaction valued at $1.6 billion.
Advised by Vinson & Elkins LLP, Blackstone’s Energy Transition Partners and its private equity strategy for individual investors will both channel investment into the Irving, Texas-based Shermco. Gryphon and Shermco were counseled by Kirkland & Ellis LLP.
Shermco: From Service Centers to Industry Leader
Founded in 1974, Shermco has grown into a dominant force in electrical maintenance, repair, testing, and commissioning. With 600+ InterNational Electrical Testing Association (NETA) technicians and 200 engineers spread across 40 service centers in the U.S. and Canada, the company plays a critical role in powering essential infrastructure.
Shermco CEO Phil Petrocelli called the Blackstone partnership a pivotal leap: “Together with its scale, resources, and deep expertise across the energy industry, we’re excited to expand our capabilities for our customers and our team—all while maintaining our unwavering commitment to safety, service, and excellence.”
