Private equity and alternative asset manager Blackstone announced today a definitive agreement to acquire Therma Holdings LLC, a portfolio company of middle-market private equity firm Gemspring Capital. According to Blackstone, the acquisition aligns with the firm’s support for the transition to cleaner, affordable energy.

Therma is a leading specialty mechanical, electrical and controls services company focused on designing, building, and servicing complex systems in mission-critical facilities. Therma’s services are core to improving and maintaining energy efficiency for leading companies across the technology, life sciences, healthcare and data center sectors.

Additionally, Blackstone announced the acquisition of RE Tech Advisors, Inc., a leading energy and sustainability consulting firm. RE Tech will be integrated into Therma and the combined company will offer customers a comprehensive suite of sustainability, carbon reduction, and energy management services.

Blackstone stated that it believes that the increased focus on and demand for energy efficiency and improved indoor air quality in the coming years should lead to new growth opportunities for Therma.

Bilal Khan, Senior Managing Director at Blackstone said:

“We are strong believers in the continued growth of technology, healthcare and data center end-markets and look forward to partnering with the Therma and RE Tech teams on growing the business and solving the complex energy efficiency needs at mission-critical facilities across the US.”

Jeff Sprau, CEO of Therma, said:

“Our entire leadership team is thrilled to have the opportunity to partner with Blackstone to continue growing the Therma platform. In collaboration with Blackstone and RE Tech, we will continue providing superior service, design, and installation solutions while growing our geographic presence and expanding our offerings.”

In September, Blackstone introduced a new sustainability commitment, with an initiative to reduce carbon emissions by 15% across all new investments where the firm controls energy usage. According to the firm, Therma will have the potential to help Blackstone portfolio companies meet their emissions reduction targets.

David Foley, Global Head of Blackstone Energy Partners said:

“Blackstone Energy Partners has been supporting the transition to cleaner, affordable energy through investments in critical energy infrastructure, renewable power generation, battery storage and the electric transmission grid. We also see opportunities to help companies become more efficient – consuming less energy and generating less carbon dioxide while not compromising productivity, safety and comfort. Therma and RE Tech are doing just that and can help Blackstone achieve its own recently announced goal of reducing emissions.”

Commenting on the transaction, Bret Wiener, Managing Partner of Gemspring, said:

“Therma is a fantastic company led by a great team. We are very grateful for the opportunity to be a steward of Therma over the course of our ownership and contribute to its growth. Therma has been an extremely successful investment for management and our investors. We look forward to the Company’s continued success under Blackstone’s ownership.”

Thomas Zanios, Managing Director at Gemspring, added:

“Therma management consistently executed the strategic and tactical goals we collectively developed, nearly tripling annual revenue during our ownership as a result. We are thrilled with the outcome of our investment and confident that Therma is well-positioned to continue on its strong growth trajectory.”