M&A Deal Summary

Gryphon Investors Acquires Shermco Industries

On June 5, 2018, private equity firm Gryphon Investors acquired utilities company Shermco Industries from GFI Energy Ventures and Oaktree Capital Management

Acquisition Highlights
  • This is Gryphon Investors’ 1st transaction in the Utilities sector.
  • This is Gryphon Investors’ 48th transaction in the United States.
  • This is Gryphon Investors’ 6th transaction in Texas.

M&A Deal Summary
Date 2018-06-05
Target Shermco Industries
Sector Utilities
Buyer(s) Gryphon Investors
Sellers(s) GFI Energy Ventures
Oaktree Capital Management
Deal Type Secondary Buyout
Advisor(s) Harris Williams & Co. (Financial)
Kirkland & Ellis (Legal)

Target

Shermco Industries

Irving, Texas, United States
Shermco Industries, Inc. is a provider of electrical testing, maintenance, commissioning, and repair services to a wide range of utility, industrial, energy, and other end markets. With more than 20 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.

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Buyer(S) 1

Buyer

Gryphon Investors

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1997
PE ASSETS 8.9B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Gryphon Investors is a private equity firm focused on making $50 to $300 million of equity or equity-linked investments in middle-market companies. Target transaction situations include traditional buyouts, leveraged build-ups, and growth financings. Gryphon will consider both control and shared-control positions. Sectors of interest include business services, consumer, retail, automotive, chemicals, general manufacturing, healthcare, and hotels. Gryphon Investors was formed in 1997 and is based in San Francisco, California.

DEAL STATS #
Overall 48 of 82
Sector (Utilities) 1 of 1
Type (Secondary Buyout) 12 of 27
State (Texas) 6 of 8
Country (United States) 48 of 81
Year (2018) 5 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-04 Water’s Edge Dermatology

Arcadia, Florida, United States

Water’s Edge Dermatology is a provider of comprehensive dermatology services in over 30 locations in Florida. The company treats patients of all ages suffering from skin diseases, acne, sun damage, skin cancer, vein health issues, as well as those seeking cosmetic and plastic surgery. Water’s Edge Dermatology was founded in 1998 and is based in Arcadia, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-10 Washing Systems

Loveland, Ohio, United States

Washing Systems LLC,is a provider of chemical and technical services for the commercial laundry processing sector. Kao creates high-value-added products that enrich the lives of consumers around the world. Through its portfolio of over 20 leading brands such as Jergens, John Frieda, Molton Brown, Oribe, Attack, Bioré, Goldwell, Kanebo, Laurier, Merries and Kao is part of the everyday lives of people in Asia, Oceania, North America and Europe.

Sell -

Seller(S) 2

SELLER

GFI Energy Ventures

Los Angeles, California, United States
Category Private Equity Firm
Founded 1995
PE ASSETS 1.8B USD
Size Large
Type Sector Focused
DESCRIPTION

GFI Energy Ventures is a specialist private investment firm focused on businesses surrounding the energy industry. GFI generally looks to acquire a controlling or significant interest in private companies or business units of public companies. Energy sub-sectors of interest include power quality/power conversion; energy measurement and control; transmission and distribution optimization; and information systems/transaction support. GFI seeks opportunities with at least $50 million in revenue and valued up to $500 million. The Firm will not invest in start-ups, turnarounds, unproven technology, or investments requiring less than $30 million of equity capital. GFI Energy Ventures was formed in 1995 and is based in Los Angeles, California. GFI Energy Ventures was acquired by Oaktree Capital Management in 2009.

DEAL STATS #
Overall 26 of 30
Sector (Utilities) 1 of 1
Type (Secondary Buyout) 2 of 4
State (Texas) 4 of 6
Country (United States) 24 of 28
Year (2018) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-26 IEA

Westchester, Illinois, United States

IEA was formed to build an integrated portfolio of energy and infrastructure construction companies. Since its formation, the company has demonstrated its ability to grow organically and execute numerous successful strategic acquisitions. IEA was formed in 2011 and is based in Westchester, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-01 Solomon

Solomon, Kansas, United States

Solomon is a a full-service transformer rebuilder with a maintenance facility that also specializes in sales and service of distribution transformers, voltage regulators, oil circuit reclosers and switches, as well as transformer parts and components. Solomon was formed in 1971 and is based in Solomon, Kansas.

Sell -
SELLER

Oaktree Capital Management

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1995
Size Mega
Type Sector Agnostic
DESCRIPTION

Oaktree Capital Management LLP is a global alternative investment firm with a variety of investment strategies spanning corporate debt, convertible securities, distressed debt, control investing, real estate, and public investing. The Firm's control investing group is spread across several disciplines, including Global Principal, European Principal, Power, and Infrastructure. Oaktree was formed in 1995 and is based in Los Angeles.

DEAL STATS #
Overall 59 of 77
Sector (Utilities) 1 of 1
Type (Secondary Buyout) 16 of 23
State (Texas) 5 of 7
Country (United States) 44 of 53
Year (2018) 7 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-22 Pulse Electronics

San Diego, California, United States

Pulse Electronics Corporation is a electronic components partner that helps customers build the next great product by providing the needed technical solutions. Pulse Electronics has a long operating history of innovation in magnetics, antennas and connectors, as well as the ability to ramp quickly into high-quality, high-volume production.

Sell $740M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-24 Montrose

North Little Rock, California, United States

Montrose is an environmental services provider offering measurement and analytical services as well as environmental resiliency and sustainability solutions to clients across a wide array of sectors. Montrose’s qualified engineers, scientists, technicians, associates, and policy experts are proud of their collective expertise and the collaborative nature of our approach to helping clients. Montrose strives to optimize environmental resiliency in a way that effectively complements its clients’ decision-making and operations and efficiently fulfills its project requirements. Headquartered in Orange County, California, Montrose has over 50 offices across the country and over 1,100 employees nationwide. Montrose was formed in 2012 and is based in North Little Rock, Arkansas.

Buy -
Mergr

Product

Company

Legal