Shermco Industries Acquires KTR Associates, a Power System Engineering Company

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Oct 15, 2024, 07:00 ET

Acquisition Supports Shermco's strategic growth and expansion in the Mid-Atlantic and Northeast U.S.

IRVING, Texas, Oct. 15, 2024 /PRNewswire/ -- Shermco Industries, Inc. ("Shermco"), one of North America's largest and fastest growing providers of power system engineering, electrical testing, maintenance, commissioning and repair services, announced today that it has completed the acquisition of KTR Associates ("KTR"), a power system engineering company based in Sinking Spring, PA. Terms of the transaction were not disclosed.

Phil Petrocelli, CEO of Shermco, said, "This strategic partnership will enhance the capabilities and reach of both companies, offering greater value to KTR's clients and employees alike. Leveraging the support and resources of the wider Shermco organization, the team will continue to offer unmatched service excellence and a rigorous focus on safety, aligning with Shermco's foundational values."

Since 2004, KTR has been a leader in providing comprehensive power system consulting services, focusing on high and low voltage power system engineering studies, NFPA 70E requirements (including arc flash studies), and electrical safety programs & training for numerous customers in PA, NJ, NC and surrounding areas.

"We're thrilled to join forces with the exceptional talent at KTR, as this partnership accelerates Shermco's geographic expansion and enhances our ability to serve our growing base of blue-chip clients. Together, we're poised to achieve new levels of innovation and customer success," commented Mr. Petrocelli.

The KTR team, including principal owner Joseph Deane, will remain with the company following the acquisition.

Mr. Deane added, "I believe this transition will provide the resources and support needed to take our company to new heights. Shermco shares our values and vision for the future, and I am confident that together we will continue to build on the strong foundation we've created."

Shermco is majority-owned by San Francisco-based Gryphon Investors, a leading middle-market private equity firm.

About Shermco
Headquartered in Irving, TX, Shermco provides electrical testing, maintenance, commissioning and repair services to a wide range of utility, industrial, energy and other end markets. With more than 40 locations, Shermco serves a diversified blue-chip client base across North America. The Company is an active participant in NETA (the InterNational Electrical Testing Association), EASA (Electrical Apparatus Service Association), and AWEA (American Wind Energy Association). For more information, visit www.shermco.com.

About Gryphon Investors
Gryphon Investors is a leading middle-market private equity firm focused on profitably-growing and competitively-advantaged companies in the Business Services, Consumer, Healthcare, Industrial Growth, and Software sectors. With approximately $9 billion of assets under management, Gryphon prioritizes investments in which it can form strong partnerships with founders, owners, and executives to accelerate the building of leading companies and generate enduring value through its integrated deal and operations business model. Gryphon's highly-differentiated model integrates its well-proven Operations Resources Group, which is led by full-time, Gryphon senior operating executives with general management, human capital acquisition and development, treasury, finance, and accounting expertise. Gryphon's three core investment strategies include its Flagship, Heritage, and Junior Capital strategies, each with dedicated funds of capital. The Flagship and Heritage strategies target equity investments of $50 million to $350 million per portfolio company. The Junior Capital strategy targets investments in junior securities of credit facilities, arranged by leading middle-market lenders, in both Gryphon-controlled companies, as well as in other private equity-backed companies operating in Gryphon's targeted investment sectors.

Shermco Contact:
Drew Johns, Vice President, Finance & Corporate Development
Shermco Industries
[email protected]

Gryphon Contact:
Caroline Luz
203-570-6462
[email protected]

Jennifer Hurson
845-507-0571
[email protected]

SOURCE Gryphon Investors