Hitachi Energy partners with Blackstone to acquire stake in Shermco

Hitachi Energy announced a strategic partnership with Blackstone Energy Transition Partners to acquire a stake in Shermco, a North American electrical services provider recently acquired by Blackstone-affiliated private equity funds.

The partnership combines Hitachi Energy's electrification technology with Shermco's maintenance and testing services across the U.S. and Canada. Shermco operates more than 40 service centers and employs over 600 technicians certified by the InterNational Electrical Testing Association.

"Investing in Shermco in partnership with Blackstone enables Hitachi Energy to accelerate our growth and expand service capabilities across North America," the company stated in the announcement made Oct. 30.

Separately, Hitachi Energy disclosed plans to invest more than $1 billion globally to expand its service operations and develop over 5,000 additional service technicians worldwide. The company will also launch digital service solutions through its HMAX Energy platform.

Founded in 1974 and headquartered in Texas, Shermco provides electrical system maintenance, repair, testing and commissioning services to utilities, data centers and industrial customers. The company serves clients across North America with more than 200 engineers supporting its operations.

Hitachi Energy, a subsidiary of Hitachi Ltd., generates approximately $16 billion in annual revenue and employs over 50,000 people in 60 countries. The company provides power grid technologies and serves customers across utility, industrial and infrastructure sectors.

Blackstone Energy Transition Partners has committed over $27 billion in equity investments across energy-related businesses globally, according to the announcement.

You May Also Be Interested In

• Libra Energy Materials options two Quebec lithium projects near Cisco
• Clean Harbors to acquire EnviroServe for $470 million
• Paramount puts CNN sale on table to settle 12-state antitrust suit