Gemspring Capital Management LLC, a Westport, Conn.-based private equity firm with $1.5 billion of capital under management, has made a strategic minority investment to support Chicago Switchboard‘s acquisition of IER Electrical.
Chicago Switchboard offers custom-built electrical power distribution equipment, including switchgears, switchboards and panel boards. The investment was made by Gemspring Growth Solutions I, a fund focused on providing flexible, non-control capital solutions to lower middle-market businesses. The acquisition looks to expand Chicago Switchboard’s geographic reach and provide the company with an entry point into the Texas electrical distribution market.
“We’ve been impressed by Gemspring’s depth of expertise and resources and look forward to collaborating in pursuit of the tremendous market opportunity ahead,” states Roberto Ferranti, CEO of Chicago Switchboard.