Sachs Electric Co., one of the nation’s leading electrical contractors, has entered into a partnership with funds managed by Oaktree Capital Management, L.P. (“Oaktree”). Oaktree will provide capital and strategic resources to support Sachs’s growth. Financial terms of the partnership were not disclosed.
“The electrical industry is undergoing major changes driven by technology, customer sophistication, complexity of projects and higher expectations of service,” said Clayton M. Scharff, P.E., chief executive officer and president of Sachs. “We see these changes as opportunities to grow our business. Having a strong financial partner who is ready and willing to invest in our vision is incredibly exciting. It will help expand our capabilities to better meet our customers’ diverse and growing needs.”
Ian Schapiro, portfolio manager of Oaktree’s Power Opportunities group added, “Sachs is distinguished by its sterling reputation, world-class management team and history of consistent performance spanning many decades. These are precisely the attributes that have led to its role as a leader within its industry.”
Throughout Sachs’s history, it has continuously adapted to market needs with the creation of client-focused specialty divisions such as: Sachs Civil, Inc. to perform civil work including trenching, excavating and utility locate services; Sachs Systems to provide networking, communication, and low voltage solutions; Sachs Automation to serve instrumentation and process controls for advanced manufacturing; Sachs Select to serve small project needs; Sachs Service to provide 24/7 electrical maintenance; Sachs Alternative Energy to serve the renewable energy marketplace; a Line Division to serve the utility industry; and an engineering department to provide professional engineering services nationally.
The partnership with Oaktree will provide additional resources to help Sachs further expand its geographic footprint, service offerings and customer base through both internal growth and selective strategic acquisitions. “Oaktree is investing in our vision, brand, culture, and talented employees who are committed to delivering on behalf of our customers” said Scharff. “Our customers will appreciate our enhanced capacity to serve their needs and our employees will benefit from our strengthened market position and expanded career opportunities.”
Founded in 1925, Sachs is licensed to perform work in 48 states and has delivered complex electrical and communications installations throughout North America. The firm employs more than 1,500 people including approximately 450 in St. Louis.
Oaktree is a leading global investment manager specializing in alternative investments, with over $100 billion in assets under management as of March 31, 2017.