Blackstone's Energy Arm Acquires Shermco Industries for $1.6B

Blackstone Inc. (NYSE:BX) is one of the best growth stocks to buy for the next 2 years. On August 21, Blackstone’s energy-focused arm, called Blackstone Energy Transition Partners, announced a definitive agreement to acquire Shermco Industries for ~$1.6 billion, including debt. The acquisition is the 12th investment from the firm’s latest energy transition fund and aligns with Blackstone’s strategy to invest in businesses that support the increasing electrification of the economy and the reliability of the power grid.

Shermco, which was founded in 1974 and is based in Irving, Texas, is one of North America’s largest electrical testing and maintenance firms, employing over 600 NETA-certified technicians and 200 engineers across more than 40 locations in the US and Canada. The company provides services to critical sectors such as data centers, utilities, and commercial and industrial markets.

The deal follows a series of other strategic moves by Blackstone in the energy transition space. Earlier in August, the firm announced an over $6 billion acquisition of energy analytics platform Enverus. Other recent acquisitions by Blackstone include Potomac Energy Center, Sediver, Westwood, and Trystar. These investments are part of a broader, diversified portfolio that Blackstone believes will be resilient through the ongoing energy transition.

Blackstone Inc. (NYSE:BX) is an alternative asset management firm specializing in private equity, real estate, hedge fund solutions, credit, secondary funds of funds, public debt, equity, and multi-asset class strategies.

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Disclosure: None. This article is originally published at Insider Monkey.