Blackstone Makes Fresh $1.6 Billion Bet in Electrification Play

Blackstone Inc. has struck a deal to acquire electrical equipment services provider Shermco in its latest bet on the increasingly critical role of electrification.

Blackstone Energy Transition Partners, the firm’s energy-focused private equity business, is acquiring Shermco from Gryphon Investors, according to a statement reviewed by Bloomberg News. The deal values Irving, Texas-based Shermco, one of the biggest electrical testing organizations, at $1.6 billion including debt.