New York, NY – August 21, 2025 – Blackstone (NYSE: BX) announced today that private equity funds affiliated with Blackstone (“Blackstone”) have entered into a definitive agreement to acquire Shermco, a leading provider of full life-cycle electrical equipment services, from Gryphon Investors, a leading middle-market private investment firm. The transaction values the business at approximately $1.6 billion.

Founded in 1974, Shermco is one of the largest electrical testing organizations accredited by the InterNational Electrical Testing Association (“NETA”), providing comprehensive electrical system maintenance, repair, testing, commissioning and design services, with more than 600 NETA technicians and 200 engineers across 40 service centers in the U.S. and Canada. Shermco provides critical services for data centers, utilities and diversified commercial and industrial end-markets, partnering with customers to enhance the safety, reliability and efficiency of their critical electrical infrastructure, while minimizing downtime and outages.

JP Munfa and Michael Staub, Senior Managing Directors at Blackstone, said: “Shermco’s maintenance, testing, and commissioning services are vital to maintaining the reliability and safety of mission-critical electrical infrastructure. We are excited to partner with Phil Petrocelli and his exceptional leadership team to build on Shermco’s strong momentum and expand its ability to serve customers nationwide as a trusted provider of essential electrical services.”

David Foley, Global Head of Blackstone Energy Transition Partners, added: “As a leading energy investor focused on investment opportunities related to increasing electrification and the energy transition, we proactively seek out companies with strong, entrepreneurial management and work with them to fully capitalize on growth opportunities, building scale and competitive advantage. Shermco is well positioned to benefit from continued growth in the installed base of technically complex electrical equipment both on the grid and behind the meter and is the twelfth investment commitment from our most recent energy transition fund since the initiation of its investment period in June last year.”

Phil Petrocelli, CEO of Shermco, said: “Partnering with Blackstone marks an exciting next step in our growth trajectory. Together with its scale, resources and deep expertise across the energy industry, we’re excited to continue serving our customers’ critical power-system needs and expand our footprint and capabilities for our talented technicians and engineers – all while maintaining Shermco’s unwavering commitment to safety, service and excellence.”

Shermco represents the latest in a number of recent transactions Blackstone Energy Transition Partners has announced behind its high-conviction investment themes in electrification and the ongoing energy transition, including Enverus, Lancium, Power Grid Components, Potomac Energy Center, Sediver, Trystar, Westwood, and others. Blackstone Energy Transition Partners and Blackstone’s private equity strategy for individual investors are each expected to invest in Shermco as part of this transaction.

Stifel and JPMorgan acted as financial advisors and Vinson & Elkins acted as a legal advisor to Blackstone. Harris Williams served as a financial advisor and Kirkland & Ellis served as a legal advisor to Gryphon Investors and Shermco.

About Blackstone Energy Transition Partners    
Blackstone Energy Transition Partners is Blackstone’s energy-focused private equity business, a leading energy investor with a successful long-term record, having committed over $27 billion of equity globally across a broad range of sectors within the energy industry. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering cleaner, more reliable and affordable energy to meet the needs of the global community. In the process, we build stronger, larger scale enterprises, create jobs and generate lasting value for our investors, employees and all stakeholders. Further information is available at https://www.blackstone.com/our-businesses/blackstone-energy-transition-partners/.

About Shermco
Headquartered in Irving, TX, Shermco provides electrical testing, maintenance, commissioning and repair services to a wide range of utility, industrial, energy and other end markets. With more than 40 locations, Shermco serves a diversified blue-chip client base across North America. The Company is an active participant in NETA (the InterNational Electrical Testing Association), EASA (Electrical Apparatus Service Association), and ACP (American Clean Power Association). For more information, visit www.shermco.com.

Media Contacts
 
Blackstone
Jennifer Heath
Jennifer.Heath@Blackstone.com
(347) 603-9256

Shermco
Drew Johns
Drew.Johns@shermco.com

Argos Surface Technologies (“Argos”) is a leading provider of advanced industrial surface treatments and high-value coatings for metals, plastics and carbon fibre. These services are mission-critical to customers’ production processes, enhancing durability, corrosion resistance, and performance. The Group operates through 13 industrial sites in Northern Italy, serving a diversified base of over 3,000 relationship customers located in close proximity to Argos’ facilities, across a broad range of end-markets including automotive, building & construction, home & design, mechanical engineering, and off-highway.

EMK invested in Argos to reinforce its market position in its core segments and continue to expand its service offering and enter new end-markets via both organic growth and a transformational buy-and-build strategy.

Boston, MA & Rijen, Netherlands — July 21, 2025 /PRNewswire/ – Ampersand Capital Partners (“Ampersand”), a private equity firm specializing in growth equity investments in the life sciences and healthcare sectors, today announced the acquisition of CurTec Group B.V. (“CurTec”), a Netherlands-based manufacturer of high-performance plastic packaging solutions for pharmaceutical and specialty chemical applications from Bencis Capital Partners (“Bencis”) in partnership with management.

Headquartered in Rijen (Netherlands), CurTec has manufacturing operations in the Netherlands and the United States and sales offices across Europe, North America and Asia. CurTec designs and manufactures GMP-compliant, UN-certified packaging solutions engineered for the secure storage and transport of active pharmaceutical ingredients (APIs), excipients and other high-value and sensitive biopharma and chemical ingredients used in regulated environments where cleanliness, compliance and durability are critical.

“We are thrilled to welcome Ampersand as our new partner as we focus on scaling U.S. operations, advancing product innovation, expanding our footprint and growing into adjacent markets,” said Bart van Berkel, CEO of CurTec. “Their deep expertise in the life sciences supply chain and their US network will help accelerate our global presence while reinforcing our commitment to quality, innovation, and sustainability.”

“CurTec is a premium brand trusted by leading pharmaceutical companies – including those within Ampersand’s portfolio – for its exceptional product quality and regulatory standards,” said Hidde Van Kerckhoven, Principal at Ampersand. “We look forward to working closely with Bart and his team to expand capacity, strengthen commercial capabilities, and support long-term growth.”

“We look back on a very successful partnership with CurTec and the team, evolving into a global leader in regulated packaging through innovation, operational and ESG excellence, and a clear focus on pharma,” said Zoran van Gessel, Managing Partner at Bencis. “It’s been a pleasure supporting CurTec over all those years together with Fred Lammers, the former CurTec CEO, and we wish the team and Ampersand continued success in this next chapter.”

CurTec recently expanded its manufacturing footprint with the opening of a state-of-the-art facility in Westminster, South Carolina, complementing its European site and positioning the company to better serve the fast-growing North American market. Its global customer base includes over 300 companies across pharma, specialty chemicals, and high-integrity logistics.

New product launches such as the Fold Pack – which improves handling and supply chain efficiency – demonstrate CurTec’s leadership in sustainable GMP packaging solutions aligned with evolving industry standards.

About Ampersand Capital Partners

Ampersand Capital Partners, founded in 1988, is a middle-market private equity firm with $3 billion of assets under management, dedicated to growth-oriented investments in the healthcare sector. With offices in Boston, MA, and Amsterdam, Netherlands, Ampersand leverages a unique blend of private equity and operating experience to build value and drive long-term performance alongside its portfolio company management teams. Ampersand has helped build numerous market-leading companies across each of the firm’s core healthcare sectors.

For additional information, visit  ampersandcapital.com or follow us on LinkedIn.

About Bencis

Bencis is an independent investment company founded in 1999. The company supports entrepreneurs and management teams in realizing growth ambitions and invests in successful businesses in the Netherlands, Belgium, and Germany. With offices in Amsterdam, Brussels, and Düsseldorf, Bencis combines extensive experience in growth, acquisitions, and sustainable business practices.

For additional information visit www.bencis.com or follow us on LinkedIn.

About CurTec

CurTec is a premium manufacturer of high-performance plastic packaging for the pharmaceutical, specialty chemicals, and logistics industries. With production facilities in Europe and the United States, CurTec partners with over 300 companies worldwide to ensure the safe, clean, and efficient transport of valuable goods. The company is committed to innovation, sustainability, and quality, helping customers protect their products and enhance supply chain performance.

For additional information, visit  www.curtec.com or follow us on LinkedIn.

Media Contact:

Marc Martens
MarCom Manager
+31 6 4625 8649
marc.martens@curtec.com

Melle, 11 March 2025 – pgb-Group, the market leader in fastening materials in Belgium and a fast-growing player in Poland, the Netherlands, and France, has entered into a strategic partnership with Waterland Private Equity. This collaboration marks a new step in pgb’s international growth strategy, with the ambition of becoming a European market leader.

This partnership signifies a milestone in the history of pgb, a family-owned company that has grown steadily since its founding in 1956. After nearly 70 years of building a successful business, Luc and Marc Pennoit (second generation) are handing over the reins to the third generation. Under the leadership of CEO Frederik Pennoit, together with Johannes Heye and Vincent Pennoit, the company will continue to focus on international expansion and innovation.

Luc Pennoit: “We have grown pgb into the market leader in Belgium, with a strong presence in the Netherlands and France. Now is the time to take this growth story even further. With the support of Waterland, the third generation is ready to elevate pgb to the next level and become a European market leader.”

A Solid Foundation for Continued Growth
In recent years, pgb has invested heavily in automation, digitalization, and capacity expansion. In Melle, where the company’s headquarters and distribution center are located, there is space for 20,000 pallet locations, including 13,500 in an advanced fully automated pallet warehouse, a miniload picking system with 40,000 bin locations, and a new shuttle system with an additional 40,000 locations. Additionally, a new ERP system was implemented to further optimize business processes and lay the groundwork for future growth.

With a turnover exceeding €80 million and a strong market position, pgb is now taking the next step in its international expansion. The company sells its products in more than 50 countries and has sales offices in Belgium, France, and Poland. pgb also has a sourcing office in Shanghai, which oversees a broad and flexible global supplier network. With its own anchoring production site in Poland, pgb maintains significant control over its production chain, greatly improving delivery reliability.

Frederik Pennoit, CEO of pgb: “This partnership with Waterland allows us to accelerate our growth, both organically and through strategic acquisitions. Our focus is on expanding our presence in Europe, strengthening our services and automation processes, and further enhancing control over our production chain. With Waterland’s support, we are ready to take the next step in our growth journey.”

Growth Strategy Focused on International Expansion
pgb’s new growth strategy is centered on further international expansion through both organic growth and acquisitions in strategically important markets. In the coming years, the company will continue to invest significantly in capacity expansion, automation, and digitalization to better serve its customers and strengthen its strong position in Europe.

About pgb-Group
pgb-Group is a family-owned company and a leading total supplier of fastening materials. With over 80,000 product references, the company serves both the professional construction market and the DIY sector in Europe. The company has offices in Belgium, France, Poland, and Hong Kong and operates its own production site in Poland.
www.pgb-europe.com

Press Contact:
Laurence Van Doosselaere – vandoosselaere@waterland.be | +32 473 88 05 21