San Francisco, CA and Vancouver, BC /PRNewswire/ - Shermco Industries, Inc. ("Shermco" or the "Company"), the leading independent provider of electrical testing, maintenance, and repair services in North America, announced that it has acquired NextGen Technologies, Ltd. ("NextGen"), located in North Vancouver, British Columbia. NextGen is an integrated electrical testing services provider that designs, tests, commissions, and maintains and repairs communications and protection and control systems, in addition to providing other turnkey solutions for clients across North America. Terms of the transaction were not disclosed.
Bill Mohl, CEO of Shermco, said, "NextGen's broad capabilities and highly technical workforce will be an excellent addition to the Shermco portfolio and serve as a platform to allow us to expand our protection and control services across North America. We anticipate continuing our acquisition strategy to expand our presence in new markets and broaden our service offerings."
"Shermco brings a strong book of customers with significant need for our capabilities and expertise, and we look forward to driving growth together," said Chris Soles, President of NextGen. The NextGen management team will remain with the Company.
Shermco is majority-owned by San Francisco-based Gryphon Investors, a leading middle-market private equity firm. NextGen is the third add-on acquisition closed under Gryphon Investors' ownership, following Electrical Manufacturing and Distributors, Inc. and Southwest Energy Systems, LLC.
Headquartered in Irving, Texas, Shermco provides electrical testing, maintenance, commissioning, and repair services to a wide range of utility, industrial, energy, and other end markets. With more than 25 locations, Shermco serves a diversified blue-chip customer base across North America. The Company is an active participant in the InterNational Electrical Testing Association, Electrical Apparatus Service Association, and American Wind Energy Association. For more information, please visit www.shermco.com.
Based in British Columbia, Canada, NextGen is a preeminent electrical testing specialty contractor. NextGen's workforce has approximately 1,500 years of collective experience in transmission, distribution, and generation system servicing. This diversified workforce safely designs, tests, commissions, and maintains and repairs communications and protection and control systems. NextGen also provides turnkey electrical engineering, procurement, and construction solutions for clients across North America, from design through to building, installation, and maintenance. For more information, please visit https://www.nextgen-tech.ca/.
About Gryphon Investors
Based in San Francisco, Gryphon Investors (www.gryphoninvestors.com) is a leading private equity firm focused on profitably growing and competitively enhancing middle-market companies in partnership with experienced management. The firm has managed over $4.9 billion of equity investments and capital since 1997. Gryphon targets making equity investments of $100 million to $300 million in portfolio companies with sales ranging from approximately $100 million to $500 million. Gryphon prioritizes investment opportunities where it can form strong partnerships with owners and executives to build leading companies, utilizing Gryphon's capital, specialized professional resources, and operational expertise.
SOURCE: Shermco Industries, Inc.Copyright 2019 PR Newswire. All Rights Reserved