Today, Blackstone (NYSE: BX) announced that private equity funds
managed by Blackstone Energy Partners have entered into a
definitive agreement to acquire Therma Holdings LLC (“Therma”), a
portfolio company of Gemspring Capital. The acquisition of Therma
continues Blackstone’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
2,200 professionals and engineers deliver services that are core to
improving and maintaining energy efficiency for leading companies
across the technology, life sciences, healthcare and data center
sectors.
Private equity funds managed by Blackstone Energy Partners are
also acquiring RE Tech Advisors, Inc. (“RE Tech”), 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. RE Tech designs, administers, and tracks
award-winning energy efficiency and environmental, social and
governance (ESG) programs for clients – which include leading real
estate investors, owners, and governments. In total, their 45+
professionals have delivered more than $200 million of utility cost
reductions by implementing approximately 10,000 energy efficiency
measures across 3,000+ assets. RE Tech has been working with
Blackstone on portfolio company projects since 2014.
We believe an 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. Therma will
also have the potential to help Blackstone portfolio companies meet
their emissions reduction targets. 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.
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.”
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.”
Deb Cloutier, Founder & President of RE Tech, said: “We look
forward to deepening our partnership with Blackstone as we drive
progress toward its energy emissions reduction targets. Together
with Therma, we’ll be in a strong position to expand our services
and deliver innovative, cost-effective, and impactful energy
efficiency programs to new and existing clients.”
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.”
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.
Jefferies Financial Group and Lincoln International are serving as
financial advisors and McDermott Will & Emery LLP is serving as
legal counsel to Therma.
About Blackstone Energy Partners
Blackstone Energy Partners is Blackstone’s energy-focused
private equity business, a leading energy investor with a
successful long-term record, having invested over $17 billion of
equity globally across a broad range of sectors within the energy
industry. Our investment philosophy is based on backing exceptional
management teams with flexible capital to provide solutions that
help energy companies grow and improve performance, thereby
delivering cleaner, more reliable and affordable energy to meet the
needs of the global community. In the process, we build stronger,
larger scale enterprises, create jobs and generate lasting value
for our investors, employees and all stakeholders.
About Therma Holdings LLC
Therma Holdings LLC is a leading mechanical, electrical and
plumbing services company focused on designing, building, and
servicing custom and complex mechanical systems. Therma provides
engineering, estimation, design, building information modeling,
energy modeling, design-build, specialty HVAC and pipe fabrication,
modular skid and process controls, pre-fabrication and installation
work for owners, general contractors, and construction managers in
the technology, biopharmaceutical, data center, semiconductor and
other industries with complex mechanical requirements. For more
information, please visit www.thermaholdings.com.
About RE Tech Advisors, Inc.
RE Tech Advisors provides advisory services to global real
estate owners and investors to help them improve performance in a
rapidly changing world. Operating at the intersection of
sustainability, technology, and buildings, RE Tech’s seasoned
professionals have decades of experience improving the operational
and financial performance of real asset portfolios with over $1
trillion of assets under management. RE Tech services include
program design and implementation, energy auditing, data analytics,
climate change and carbon solutions, regulatory compliance, and
marketing and communications. RE Tech also authored and helps run
some of the world’s largest public-private partnerships, including
ENERGY STAR and the Better Buildings Initiative.
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Kate Holderness Kate.holderness@blackstone.com 917 318 6818
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