Oaktree-backed Shermco Industries acquires Magna Electric
Magna Electric Corp, a Saskatoon, Sask.-based provider of electrical power system engineering, testing, construction, manufacturing and commissioning services, has been bought by Shermco Industries Inc for an undisclosed amount. The combination of Shermco and Magna Electric creates the largest independent electrical testing and maintenance service company in North America, said Shermco, which has its headquarters in Irving, Texas. Company management partnered in Shermco's acquisition by GFI Energy Group, an affiliate of U.S. private equity firm Oaktree Capital Management, in Dec. 2012.
7 January 2014•4 mins read
