Quanta buys Sherman Reilly
One of Chattanooga’s oldest manufacturers has a new owner.
Quanta Services announced Tuesday it has bought Sherman Reilly in the fourth ownership change for the Chattanooga firm in the past 14 years. Founded in 1927, Sherman Reilly has grown and evolved during the past 97 years and currently produces overhead and underground equipment, reel trailers and stands, and stringing blocks and accessories for electric utilities and contractors across the country.
Terms of the sale were not disclosed, but Sherman Reilly CEO Dave Ring said he expects the alignment with the Houston-based Quanta Services should help Sherman Reilly grow its business while retaining its own brand and staff in Chattanooga. Quanta Services, which has more than 40,000 employees around the world and generated nearly $21 billion in sales in 2023, owns more than 200 businesses and plants around the globe.
“We’re excited about being a part of Quantum Services and think it will be a great strategic fit to help the company continue to grow,” said Ring, a former CEO for Ligchine International Corp. who was named to head Sherman Reilly last November.
Located at 400 W. 33rd St. on Chattanooga’s southside, Sherman Reilly employs about 110 employees, most of whom shared in a portion of the sale proceeds from the company, Ring said.
Five years ago, two former owners of the company, Michael H. Dunn and Douglas Diamond, bought Sherman Reilly back after Emerson Electric moved to divest its interest in companies in the heavy equipment sector. Dunn and Diamond, who bought the company from the founding families in 2010, sold Sherman Reilly to Greenlee, a Textron company, in 2013 which later sold the business to Emerson Electric.
Under the ownership of Textron and later Emerson Electric, the company struggled after a retooling that included the introduction of the industry’s first SafeZone cab and canbus controls and the company’s expansion into transmission equipment, according to Insider News.
Ring said Sherman Reilly grew its business again in recent years and was being positioned for a potential sale to equity investors when Quanta Services made its purchase offer. The sale was completed a couple of weeks ago and announced Tuesday by Quanta Services, which is traded on the New York Stock Exchange.
Quanta Services is an industry leader in providing specialized infrastructure solutions to the utility, renewable energy, communications, pipeline and energy industries. Sherman Reilly will continue to serve all of its customers as it has for nearly a century, Ring said.
“Sherman Reilly and Quanta share a commitment to safety and a mission to get every lineman home, every night, no exceptions. We look forward to working with Quanta to improve and grow in the coming years.” Ring said in a statement.