Shermco Industries Acquires Southwest Energy Systems
SAN FRANCISCO and IRVING, Texas, Aug. 5, 2019 /PRNewswire/ -- Shermco Industries, Inc. ("Shermco" or the "Company"), the leading independent provider of electrical testing, maintenance, and repair services in North America, announced that it has acquired Southwest Energy Systems, LLC ("Southwest"), a leading provider of third-party electrical testing and engineering services for commercial electrical systems. Based in Phoenix, Arizona, Southwest services customers in utilities, technology, industrial, and government end markets and is certified by the InterNational Electrical Testing Association ("NETA").
Bill Mohl, CEO of Shermco, said, "We are excited to announce the acquisition of Southwest and look forward to adding this business to our growing company. This is a unique opportunity to expand our geographic footprint in an attractive market." Mr. Mohl added, "We anticipate continuing our acquisition strategy to expand our presence in new markets and broaden our service offering."
"Shermco brings significant resources and opportunities to help us better serve our customers. We look forward to working closely with the Shermco team to continue to drive growth in the Southwestern U.S.," said Dave Hoffman, the General Manager of Southwest. The Southwest management team will remain with the Company post-close.
Shermco is majority-owned by San Francisco-based Gryphon Investors, a leading middle-market private equity firm. Terms of the transaction were not disclosed.
About Shermco
Headquartered in Irving, Texas, Shermco provides electrical testing, maintenance, commissioning, and repair services to a wide range of utility, industrial, energy, and other end markets. With more than 25 locations, Shermco serves a diversified blue-chip customer base across North America. The Company is an active participant in the InterNational Electrical Testing Association, Electrical Apparatus Service Association, and American Wind Energy Association. For more information, please visit www.shermco.com.
About Southwest Energy Systems
Southwest is an independent, third-party electrical testing and engineering company providing testing, analysis, and maintenance for electrical systems. As a NETA-accredited company, Southwest's engineers and technicians are highly competent, experienced, and have broad-based, up-to-date knowledge of all types of electrical equipment in every industry. The team brings extensive experience in power systems testing, commissioning, measurement, and management to provide our customers with unique solutions that help them manage and reduce their energy costs while ensuring safety. Southwest was founded in 2006 and is headquartered in Phoenix, Arizona.
About Gryphon Investors
Based in San Francisco, Gryphon Investors (www.gryphoninvestors.com) is a leading private equity firm focused on profitably growing and competitively enhancing middle-market companies in partnership with experienced management. The firm has managed over $4.8 billion of equity investments and capital since 1997. Gryphon targets making equity investments of $100 million to $300 million in portfolio companies with sales ranging from approximately $100 million to $500 million. Gryphon prioritizes investment opportunities where it can form strong partnerships with owners and executives to build leading companies, utilizing Gryphon's capital, specialized professional resources, and operational expertise.
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SOURCE Shermco Industries, Inc.
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