Shermco Industries Acquired by Oaktree's GFI Energy Group
IRVING, TX -- (Marketwire) -- 12/18/12 -- Shermco Industries, Inc.,
a leading provider of testing, maintenance, repair, engineering,
training and commissioning services for low, medium and high voltage
electrical equipment, motors and generators, announced that it has
been acquired by funds managed by the GFI Energy Group of Oaktree
Capital Management, L.P. Oaktree acquired Shermco in partnership with
its existing management team, which will continue to serve in the
same capacity. Terms of the transaction were not disclosed.
Ron Widup, CEO of Shermco, commented, "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." Peter A. Sherman, Shermco's
founder, added, "We are very proud of the company we have built since
its founding in 1974. 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."
Michael Cardito, Senior Vice President of Oaktree's GFI Energy Group,
said, "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. 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."
About Shermco Industries, Inc.
Shermco Industries is a provider of testing, maintenance, repair and
commissioning services for electrical infrastructure including
substations, switchgear, transformers, motors and generators. Founded
in 1974 in Dallas, Texas, the Company 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,
Electrical Apparatus Service Association, American Wind Energy
Association and Professional Electrical Apparatus Recyclers League.
For more infor
mation about Shermco Industries, visit www.shermco.com.
Oaktree is a leading global investment management firm focused on
alternative markets, with $81.0 billion in assets under management as
of September 30, 2012. The GFI Energy Group of Oaktree Capital
Management focuses on control investments in companies that provide
equipment, services, software and infrastructure used in the North
American electric power and natural gas industries. Headquartered in
Los Angeles, Oaktree has over 700 employees and offices in 13 cities
worldwide. For additional information, please visit Oaktree's website
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