December 18,2012-Shermco Industries Inc.—a provider of testing,maintenance,repair,engineering,training and commissioning services for low-,medium-and high-voltage electrical equipment,motors and generators—has been acquired by funds managed by the GFI Energy Group of Oaktree Capital Management LP.Oaktree acquired Shermco in partnership with its existing management team,which will continue to serve in the same capacity.
"Since Shermco's founding,our team has worked tirelessly to deliver best-in-class service and uncompromising safety to our customers.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,"said Ron Widup,CEO of Shermco.
"We are very proud of the company we have built since its founding in 1974,"said Shermco founder,Peter A.Sherman."I am pleased to be passing the reigns 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,"said Michael Cardito,senior vice-president 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."
Shermco Industries has over 450 full-time employees and serves commercial,industrial,municipal and utility customers throughout North America.The company is an active participant in the InterNational Electrical Testing Association(NETA),Electrical Apparatus Service Association(EASA),American Wind Energy Association and Professional Electrical Apparatus Recyclers League(PEARL).
