NEW YORK and SAN JOSE, Calif. — Blackstone announced that private equity funds managed by Blackstone Energy Partners have entered into a definitive agreement to acquire Therma Holdings LLC, a portfolio company of Gemspring Capital.
“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 U.S.,” said Bilal Khan, senior managing director at Blackstone.
“Our entire leadership team is thrilled to have the opportunity to partner with Blackstone to continue growing the Therma platform,” said Jeff Sprau, CEO of Therma. “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.”
“We look forward to deepening our partnership with Blackstone as we drive progress toward its energy emissions reduction targets,” said Deb Cloutier, founder and president of RE Tech. “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.”
“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,” said David Foley, global head of Blackstone Energy Partners. “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.