Shermco Industries Acquires Power Test, a Leading NETA Testing Company

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Apr 02, 2024, 07:00 ET

Supports the Company's strategic expansion while strengthening its position in the Southeast

IRVING, Texas, April 2, 2024 /PRNewswire/ -- Shermco Industries, Inc. ("Shermco"), one of North America's largest and fastest growing providers of electrical testing, maintenance, commissioning and repair services, announced today it has completed the acquisition of Power Test, Inc. ("Power Test"), a NETA-accredited electrical testing business based in Harrisburg, NC. Terms of the transaction were not disclosed.

Since 2005, Power Test has been a leader in providing field service, maintenance, testing, repair and analysis of power distribution systems and equipment to numerous customers in Charlotte and Raleigh, NC and surrounding areas. Power Test is accredited by NETA, the InterNational Electrical Testing Association.

The Power Test management team, including Ron McCormick, Doug Templeton and Rich Walker, will join Shermco following the acquisition. 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.

"This strategic acquisition is a significant milestone in our journey towards expanding and enhancing Shermco's service offerings in the southeastern United States, and we anticipate continuing our acquisition strategy to expand our presence in key markets," said Phil Petrocelli, CEO of Shermco.

Doug Templeton, owner at Power Test, added, "We are very excited to join the Shermco team, which shares our dedication to maintaining the highest standards in safety and professionalism for both our employees and clients. Their additional resources and expertise will allow us to continue to grow and add innovative services."

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 (https://www.gryphon-inv.com/) 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 expertises. 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