Blackstone Agrees $1.6B Shermco Acquisition US Canada

Blackstone Inc. has agreed to acquire Shermco, a leading electrical testing, engineering, and maintenance company, from Gryphon Investors for approximately $1.6 billion. Shermco, founded in 1974 and headquartered in Irving, Texas, operates 40 service centers across the U.S. and Canada, employing over 600 technicians and 200 engineers, serving critical infrastructure in data centers, utilities, and industrial sectors. The acquisition will be made through Blackstone Energy Transition Partners, Blackstone's energy-focused private equity arm, which has committed over $27 billion across energy sectors. Gryphon Investors, which initially invested in Shermco in 2018 and helped double its revenue, expressed confidence in Blackstone as a partner for continued growth and possible add-on acquisitions. Financial analysts view the deal positively, with Blackstone's shares showing upside potential and an 'Outperform' rating consensus. Advisors on the transaction included Harris Williams as financial advisor and Kirkland & Ellis as legal counsel for Gryphon.