Gemspring Expands Therma

Therma Holdings, a portfolio company of Gemspring Capital since June 2017, has acquired Yearout Mechanical, a provider of mechanical, fabrication and maintenance services.

Yearout Mechanical provides engineering, installation and maintenance for HVAC, plumbing and piping systems for commercial, institutional and light industrial facilities. In addition to its services, the company also has in-house fabrication and design-build capabilities.

Yearout Mechanical, founded in 1964 by Robert and Joan Yearout, is led today by CEO Kevin Yearout who will continue to lead the company under Therma ownership. Yearout Mechanical is headquartered in Albuquerque, NM (www.yearout.com).

Therma specializes in complex HVAC, high purity process piping, and process controls for cleanrooms, laboratories and high-tech manufacturing facilities. Customers of Therma include general contractors, construction managers and owners in the technology, biopharmaceutical, data center and semiconductor industries. The company, which performed the original mechanical work for some of the founding clean rooms and semiconductor fabrication facilities in Silicon Valley, was founded in 1967 and is led by CEO Joe Parisi. Therma is headquartered in San Jose, CA (www.therma.com).

“Yearout Mechanical is an established company with a great reputation with customers and general contractors in the New Mexico market and is an excellent fit with Therma’s growth strategy,” said Mr. Parisi.

“Therma is one of the largest design-build mechanical service providers in the country and a leading provider of mission-critical services in the Bay Area,” said Brooks Corcoran, Director, M&A and Strategy at Therma. “The acquisition of Yearout Mechanical expands our geographic footprint in an attractive and growing market.”

Gemspring invests in companies that have revenues from $25 million to $250 million. Sectors of interest include business and industrial services; distribution and logistics; healthcare services; specialty manufacturing; and media, technology and software. The firm, which held a final closing of its debut fund in November 2016 with $350 million of capital commitments, is based in Westport, CT (www.gemspring.com).

© 2019 Private Equity Professional | January 16, 2019