Shermco Industries, Inc., a leading provider of testing, maintenance, repair, engineering, training, and commissioning services for low-, medium-, and high-voltage electrical equipment, motors and generators, announced that it has been acquired by funds managed by the GFI Energy Group of Oaktree Capital Management, L.P. Oaktree acquired Shermco in partnership with its existing management team, which will continue to serve in the same capacity. Terms of the transaction were not disclosed.
"Since Shermco's founding, our team has worked tirelessly to deliver best in class service and uncompromising safety to our customers," says Ron Widup, CEO of Shermco. "We are excited to be partnering with Oaktree to continue this strong tradition and welcome the additional resources they bring to pursue our strategic growth plans and targeted acquisitions."
"We are very proud of the company we have built since its founding in 1974," says Peter A. Sherman, Shermco's founder. "I am pleased to be passing the reins to Ron Widup and Oaktree and our entire team is looking forward to the next chapter for Shermco."
"We have long viewed Shermco to be a leader in the electrical equipment testing, maintenance, repair, and commissioning industry and are thrilled to be partnering with Ron and his team," says Michael Cardito, senior VP of Oaktree's GFI Energy Group. "We are particularly excited to bring additional resources and capital to support Shermco's growth plans and help expand its capacity to serve current and future customers."