Blackstone has agreed to acquire Shermco, a leading North American provider of electrical testing and maintenance services, from Gryphon Investors in a transaction valued at approximately $1.6bn.

Founded in 1974 and headquartered in Irving, Texas, Shermco operates more than 40 service centres across the US and Canada, employing over 600 NETA-certified technicians and 200 engineers. The company provides mission-critical services in electrical maintenance, repair, and commissioning for sectors including data centres, utilities, and industrial customers.

“Shermco’s maintenance, testing, and commissioning services are vital to maintaining the reliability and safety of mission-critical electrical infrastructure,” said JP Munfa and Michael Staub, Senior Managing Directors at Blackstone. “We are excited to partner with Phil Petrocelli and his exceptional leadership team to build on Shermco’s strong momentum and expand its ability to serve customers nationwide.”

David Foley, Global Head of Blackstone Energy Transition Partners, added: “Shermco is well positioned to benefit from continued growth in the installed base of technically complex electrical equipment both on the grid and behind the meter.”

Phil Petrocelli, CEO of Shermco, said: “Partnering with Blackstone marks an exciting next step in our growth trajectory. Together with its scale, resources and deep expertise across the energy industry, we’re excited to continue serving our customers’ critical power-system needs and expand our footprint and capabilities.”

The deal highlights Blackstone Energy Transition Partners’ ongoing focus on electrification and the energy transition, marking the twelfth investment from its latest fund since mid-2024. Other recent deals include investments in Enverus, Power Grid Components, and Sediver.

Stifel and JPMorgan acted as financial advisors to Blackstone, with Vinson & Elkins providing legal counsel. Harris Williams advised Gryphon Investors and Shermco, supported by Kirkland & Ellis as legal counsel.

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