Solomon Corporation partnering with Oaktree’s GFI Energy Group
Solomon Corporation, a leading provider of refurbishment and repair services for electrical transformers, announced that it is partnering with funds managed by the GFI Energy Group of Oaktree Capital Management, L.P. (“Oaktree”). Terms of the transaction were not disclosed.
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Solomon Corporation, a leading provider of refurbishment and repair services for electrical transformers, announced that it is partnering with funds managed by the GFI Energy Group of Oaktree Capital Management, L.P. (Oaktree). Terms of the transaction were not disclosed.
CEO of Solomon, Tom Hemmer, commented: “We are excited to be partnering with Oaktree to continue Solomon’s rich tradition as a leader in our industry. We welcome Oaktree’s resources, strategic guidance and industry contacts as we continue working to enhance and grow our service offering for our customers.” Mr. Hemmer added, “My siblings and I are proud of what we have achieved since acquiring the business in 2000, and we are looking forward to a bright future in partnership with Oaktree.”
Ian Schapiro, head of Oaktree’s GFI Energy Group, said “The Hemmer family and their team have built Solomon into the preeminent company serving the transformer maintenance needs of North American electric utilities and industrial customers. We see tremendous opportunity for Solomon as its customers seek cost-effective solutions to an aging electrical infrastructure, and we are excited to bring additional resources and capital to help the business continue to grow and prosper.”
Source:Fort Mill Times
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