WESTPORT, CT (January 23, 2023) – Gemspring Capital Management, LLC (“Gemspring”) is pleased to announce that an affiliate has made a strategic minority investment to support Chicago Switchboard’s (the “Company”) acquisition of IER Electrical (“IER”). Chicago Switchboard is a marketplace leader in providing custom-built electrical power distribution equipment, including switchgears, switchboards, and panel boards. The investment was made by Gemspring Growth Solutions I (“GGS I”), a fund dedicated to providing flexible, non-control capital solutions to lower middle market businesses.
The acquisition will expand Chicago Switchboard’s geographic reach and provide the Company with an attractive entry point into the large and rapidly growing Texas electrical distribution market. “We are excited to partner with Gemspring for our next phase of growth,” commented Roberto Ferranti, CEO of Chicago Switchboard. “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,” Ferranti added.
Jay Reynolds, Managing Director at Gemspring, remarked, “Chicago Switchboard is an industry leader, providing a tremendous value proposition to its current and future customers. We’re eager to work in partnership with Roberto and his talented team to build on the Company’s nearly 90-year track record of success.”
About Chicago Switchboard
Founded in 1936, Chicago Switchboard is a marketplace leader in providing switchgears, switchboards, panel boards, and other electrical distribution equipment to commercial, institutional, infrastructure, and manufacturing clients. Founded in 1936, the Company is headquartered in Elmhurst, Illinois and has approximately 100 employees. For more information, visit www.chiswbd.com.
About Gemspring Capital
Gemspring Capital, a Westport, Connecticut-based private equity firm with $1.5 billion of capital under management, provides flexible capital solutions to lower middle market companies. Gemspring partners with talented management teams and takes a partnership approach to helping drive revenue growth and value creation. Target companies have up to $500 million 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.