Therma Holdings, a portfolio company of Gemspring Capital, has acquired Gilbert Mechanical Contractors. Gilbert is Therma’s fourth acquisition since being acquired by Gemspring in June 2017.
Gilbert is a provider of mechanical, electrical, plumbing, controls, and fire protection services – including design and build – to commercial customers in the healthcare, commercial, and institutional markets. The company was founded in 1978 and is based near Minneapolis in Edina, Minnesota.
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 Jeff Sprau. Therma is headquartered in San Jose, California.
“Gilbert is a terrific addition to the Therma family,” said Mr. Sprau. “Their full-suite of mechanical and electrical solutions in mission-critical environments is a great offering fit, and their design expertise and customer focus is a perfect cultural fit. We’re looking forward to partnering with the entire Gilbert team to continue to grow the business in the Twin Cities market.”
Therma’s three earlier add-on acquisitions were VarcoMac, a Maryland-based provider of electrical systems and services to the data center, healthcare and high technology industries (acquired in September 2019); Integrated Mechanical Systems, a California-based provider of mechanical design, fabrication, construction and maintenance services to commercial, institutional, retail, and
light industrial facilities (acquired in February 2019); and Yearout Mechanical, a New Mexico-based design and build provider of mechanical, fabrication and maintenance services for HVAC, plumbing and piping systems (acquired in December 2018). Gemspring is continuing to pursue additional add-on opportunities for Therma.
Gemspring invests in companies that have revenues up to $500 million and are active in the business services, distribution and logistics, financial and insurance services, healthcare services, industrial services, software and tech-enabled services, and specialty manufacturing sectors. The firm, which held a final closing of its debut fund in November 2016 with $350 million of capital commitments, is based in Westport, Connecticut. In March 2020, Gemspring closed its second fund with $750 million of capital commitments.
Private Equity Professional | June 16, 2020