NEW YORK & SAN JOSE, November 9, 2020 – 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

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.