Gemspring Capital Completes Acquisition of Therma Corporation

WESTPORT, Conn.--(BUSINESS WIRE)--Gemspring Capital, a private equity firm specializing in lower middle market companies, is pleased to announce an affiliate has acquired the assets of Therma Corporation, a leading full-service design-build specialty mechanical contractor that focuses on complex HVAC, high purity process piping and process controls for cleanrooms, laboratories and high-tech manufacturing facilities.

Therma was founded in 1967 by Joe Parisi, the CEO, and Nicki Parisi, the CFO, and has grown to become one of the largest mechanical contractors in the United States and a leader in the Silicon Valley market. Within the approximately $300 billion market for mechanical, electrical and plumbing services, Therma focuses on engineering, building information modeling, energy modeling, design-build, fabrication, installation and maintenances services for general contractors, construction managers and owners in the technology, biopharmaceutical, data center and semiconductor industries to fulfill their needs for high purity process piping, complex HVAC systems, process controls and other specialty mechanical services.

“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. 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,“ commented Thomas Zanios, Managing Director at Gemspring. Geoff Broglio, Principal at Gemspring added, “Therma performed the original mechanical work for some of the founding clean rooms and semiconductor fabrication facilities in Silicon Valley, and we are honored to partner with the team to continue building on that legacy.”

“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 Joe Parisi.

About Therma

Therma LLC is a leading full-service design-build specialty mechanical contractor that focuses on complex HVAC, high purity process piping and process controls for cleanrooms, laboratories and high-tech manufacturing facilities. Therma’s construction division 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 general contractors, construction managers and owners in the technology, biopharmaceutical, data center, semiconductor and other industries with complex mechanical requirements. Therma’s services division leverages the company’s construction expertise to provide world-class operations & maintenance, facilities services and specialty project services.

About Gemspring Capital

Gemspring, a Westport, Connecticut-based private equity firm with $350 million under management, makes control equity investments and structured equity investments in lower middle market companies headquartered in the United States and Canada. Gemspring partners with talented management teams and takes a hands-on approach to driving revenue growth and operating efficiencies. The goal for each portfolio company is growth, enhanced market leadership and a significant increase in the strategic value of the business. Target companies have up to $250 million in revenue and are in the business services, industrial services, distribution and logistics, healthcare services, specialty manufacturing, media, technology or software sectors. For more information, visit www.gemspring.com