WESTPORT, Conn., June 17,
2024 /PRNewswire/ -- Gemspring Capital, a
middle-market private equity firm, announced today that it has
completed the sale of its strategic minority investment in
Sparkstone Electrical Group ("Sparkstone" or the "Company"), a
provider of power distribution products and services.
Founded in 1936 and originally known as Chicago Switchboard,
Sparkstone is a market leader in providing switchgears,
switchboards, panel boards, and other electrical distribution
equipment and services. The Company serves a diverse clientele,
including commercial, institutional, infrastructure, and
manufacturing sectors across the U.S. In January 2023, Gemspring Capital invested in
Sparkstone to support its transformative acquisition of IER
Electric and to drive its organic and inorganic growth
initiatives.
"Gemspring not only provided Sparkstone with the capital
necessary for our expansion, but also acted as a valuable strategic
partner as we strive to innovate and deliver best-in-class products
and services for our customers," said Sparkstone CEO Roberto Ferranti. "We greatly appreciate their
collaboration and support during this pivotal chapter of our
growth."
"It has been a privilege to partner with Roberto and the
incredibly talented team he has assembled at Sparkstone," said
Jay Reynolds, Managing Director at
Gemspring. "Sparkstone is a premier player in the power
distribution ecosystem, and we are proud to have supported them on
their impressive journey."
McGuireWoods served as legal counsel to Gemspring on the
transaction.
About Sparkstone Electrical Group
Sparkstone
Electrical Group is a leading provider of electrical distribution
equipment and services. With a strong commitment to excellence,
Sparkstone specializes in manufacturing top-tier switchboards,
switchgear, and panelboards, and offers a wide range of electrical
services, including commissioning, testing, and maintenance. The
Company is proud of its reputation for exceptional service and is
rapidly expanding its presence nationwide. For more information
visit www.sparkstone.com.
About Gemspring Capital
Gemspring Capital, a
Westport, Connecticut-based
private equity firm with $3.5 billion
of capital under management, provides flexible capital solutions to
middle market companies. Gemspring partners with talented
management teams and takes a partnership approach to helping drive
revenue growth, value creation and sustainable competitive
advantages. Target companies have up to $1
billion in revenue and are in the aerospace & defense,
business services, consumer services, financial and insurance
services, healthcare services, industrial services, software and
tech-enabled services, or specialty manufacturing sectors. For more
information, visit www.gemspring.com.
Media contacts:
Jay Reynolds
jay@gemspring.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/gemspring-capital-announces-sale-of-strategic-minority-stake-in-sparkstone-electric-group-302174147.html
SOURCE Gemspring Capital