CPE News (1/12/2021) – Shermco Industries, Inc., a portfolio company of Gryphon investors, has acquired Ready Engineering Corporation. Financial terms were not disclosed.
Founded in 1996 by Lee and Susan Ready, Spruce Grove, Alberta based Ready Engineering is a specialty industry-leading provider of electrical, controls and industrial information systems. It operates in a diverse range of sectors across North America. Its specialty services include design and field engineering, power system designs, NERC/CIP compliance testing, control system installations & upgrades, and other value add engineering services.
The Ready management team will remain with the company following the acquisition.
Irving, Texas based Shermco provides electrical testing, maintenance, commissioning and repair services to a wide range of utility, industrial, energy and other end markets.
Shermco is majority owned by San Francisco, California based Gryphon Investors which acquired the company in 2018 from Oaktree Capital Management, L.P.’s Power Opportunities Group.
photo credit: Ready Engineering
News Release
Shermco Industries acquires Ready Engineering
IRVING, Texas, Jan. 12, 2021 /CNW/ — Shermco Industries, Inc. (“Shermco”), announced today it has acquired Ready Engineering (“Ready”), a leading specialty Engineering business, based in Alberta, Canada and Olympia, Washington. The Ready management team will remain with the company following the acquisition.
Ready is a specialty industry-leading provider of electrical, controls and industrial information systems. It operates in a diverse range of sectors across North America. Its specialty services include design and field engineering, power system designs, NERC/CIP compliance testing, control system installations & upgrades, and other value add engineering services.
The combination of Shermco and Ready immediately provides the firm’s collective customers with a unique and market-leading bundled services offering, while simultaneously broadening Shermco’s reach into new and developing markets.
“Shermco is very pleased to welcome Ready to the family. The acquisition delivers on our strategic objective of expanding our specialty electrical engineering capabilities to our customers across our core service offerings. As the leading independent provider of electrical testing, maintenance, and repair services in North America, Shermco is also focused on market leading electrical & engineering capabilities. The acquisition provides us with further depth in Power, Transmission & Distribution and Oil & Gas system protection,” said Tom Bartolomei, Shermco CEO.
Lee Ready, Founder of the Ready companies, commented, “The Ready group has been looking for a partner just like Shermco, with complementary operations in the United States and Canada, a strong marketing team, and deep administrative support that our engineering teams can leverage to do what they do best—engineering. We are very fortunate to have found such a perfect fit and are excited about the opportunities this presents for all our engineering groups.”
Jeff Whitt, Ready’s President, said, “We are excited to combine Ready’s niche skills with Shermco’s national reputation. Joining Shermco provides exposure to the North American market that we simply can’t develop on our own. To combine the engineering skills we’ve developed over our 25 year existence with the expertise and reputation that Shermco has developed will allow the two companies to make stronger offers to a broader range of clients.”
About Shermco
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 NETA, EASA, and AWEA. For more information, please visit www.shermco.com.
Shermco is majority-owned by San Francisco-based Gryphon investors.
About Gryphon Investors
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 $5.0 billion of equity investments and capital since 1997. Gryphon targets making equity investments of $50 million to $300 million in portfolio companies with enterprise values ranging from approximately $100 million to $600 million.
Contact:
Andrew Gay
CFO, Shermco
Andrew.gay@shermco.com
972-793-5523
SOURCE Shermco Industries, Inc.