Gemspring Capital has acquired Therma Corporation, a specialty HVAC mechanical contractor.
Therma Corporation 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 by CEO Joe Parisi and CFO Nicki Parisi and is based in a 275,000-square-foot headquarters and fabrication facility in San Jose (www.therma.com).
“As we celebrate our 50th anniversary of Therma, we are excited to partner with the Gemspring team to ensure that Therma continues to deliver the same high-quality service that our customers have come to expect. We believe this transition will further enhance Therma’s leadership position in the market and give our industry-leading employee base additional opportunities to grow,” said Mr. Parisi.
“Therma has cultivated exceptional relationships with many of the leading technology, biopharmaceutical, and semiconductor companies in Silicon Valley through its more than 50-year history of innovation,” said Thomas Zanios, Managing Director at Gemspring. “We think Joe and Nicki have built one of the best specialty mechanical businesses in the country and we look forward to partnering with them to continue building whatever Therma’s customers can imagine.”
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).
© 2017 Private Equity Professional | June 26, 2017
