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Blackstone To Acquire Therma Holdings From Gemspring Capital

Blackstone Energy Partners have entered into a definitive agreement to acquire Therma Holdings LLC, a mechanical, electrical and controls services company and portfolio company of Gemspring Capital.

Private equity funds managed by Blackstone Energy Partners are also acquiring RE Tech Advisors, Inc., an energy and sustainability consulting firm. RE Tech will be integrated into Therma and the combined company will offer customers a suite of sustainability, carbon reduction, and energy management services.

Commenting on the transaction, 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.”

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.”

Blackstone recently expanded its existing environmental sustainability efforts by setting a goal of 15% carbon emissions reduction across all new investments where it controls energy usage.

Completion of the transaction, which is expected to occur in the fourth quarter of 2020, is subject to regulatory approvals and customary closing conditions. Guggenheim Securities acted as financial advisor to Blackstone Energy Partners, while Kirkland & Ellis acted as legal advisor.

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