Gemspring Capital Announces Sale of Strategic Minority Stake in Sparkstone Electric Group

WESTPORT, Conn., June 17, 2024 /PRNewswire/ -- Gemspring Capital, a middle-market private equity firm, announced today that it has completed the sale of its strategic minority investment in Sparkstone Electrical Group ("Sparkstone" or the "Company"), a provider of power distribution products and services.

Founded in 1936 and originally known as Chicago Switchboard, Sparkstone is a market leader in providing switchgears, switchboards, panel boards, and other electrical distribution equipment and services. The Company serves a diverse clientele, including commercial, institutional, infrastructure, and manufacturing sectors across the U.S. In January 2023, Gemspring Capital invested in Sparkstone to support its transformative acquisition of IER Electric and to drive its organic and inorganic growth initiatives.

"Gemspring not only provided Sparkstone with the capital necessary for our expansion, but also acted as a valuable strategic partner as we strive to innovate and deliver best-in-class products and services for our customers," said Sparkstone CEO Roberto Ferranti. "We greatly appreciate their collaboration and support during this pivotal chapter of our growth."

"It has been a privilege to partner with Roberto and the incredibly talented team he has assembled at Sparkstone," said Jay Reynolds, Managing Director at Gemspring. "Sparkstone is a premier player in the power distribution ecosystem, and we are proud to have supported them on their impressive journey."

McGuireWoods served as legal counsel to Gemspring on the transaction.

About Sparkstone Electrical Group
Sparkstone Electrical Group is a leading provider of electrical distribution equipment and services. With a strong commitment to excellence, Sparkstone specializes in manufacturing top-tier switchboards, switchgear, and panelboards, and offers a wide range of electrical services, including commissioning, testing, and maintenance. The Company is proud of its reputation for exceptional service and is rapidly expanding its presence nationwide. For more information visit www.sparkstone.com. 

About Gemspring Capital
Gemspring Capital, a Westport, Connecticut-based private equity firm with $3.5 billion of capital under management, provides flexible capital solutions to middle market companies. Gemspring partners with talented management teams and takes a partnership approach to helping drive revenue growth, value creation and sustainable competitive advantages. Target companies have up to $1 billion in revenue and are in the aerospace & defense, business services, consumer services, financial and insurance services, healthcare services, industrial services, software and tech-enabled services, or specialty manufacturing sectors. For more information, visit www.gemspring.com.

Media contacts:
Jay Reynolds
[email protected]

SOURCE Gemspring Capital