PE-backed Therma Holdings buys Gilbert

Therma Holdings, which is backed by Gemspring Capital, has acquired Minneapolis-based Gilbert, a provider of mechanical, electrical, plumbing, controls and fire protection services.

Therma Holdings, which is backed by Gemspring Capital, has acquired Minneapolis-based Gilbert, a provider of mechanical, electrical, plumbing, controls and fire protection services. No financial terms were disclosed.

PRESS RELEASE

SAN JOSE, Calif.–(BUSINESS WIRE)–Therma Holdings (“Therma”), a portfolio company of Gemspring Capital, announced today that it has acquired Minneapolis, Minnesota-based Gilbert LLC (“Gilbert”).

Therma Holdings is a leading mechanical, electrical, plumbing and controls services company focused on designing, building, and servicing complex systems in mission-critical facilities. Gilbert is Therma’s fourth acquisition since partnering with Gemspring Capital.

Gilbert, founded in 1978, is a leading provider of mechanical, electrical, plumbing, controls and fire protection services, including a comprehensive solution set for commercial customers in healthcare and other end markets with critical facility uptime needs. Gilbert’s in-house engineering staff and service department offer design-build project delivery and ongoing preventative and emergency maintenance to serve the full lifecycle of their customers’ facilities.

“Gilbert is a terrific addition to the Therma family. 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,” said Therma CEO Jeff Sprau.

About Gilbert LLC
Gilbert, founded in 1978, is a full-service mechanical, electrical, plumbing, controls and fire protection services provider serving healthcare, commercial, and institutional markets. These core systems are vital for mission-critical facilities. For more information, please visit www.gilbertmech.com.

About Therma Holdings
Therma Holdings is a leading mechanical, electrical, plumbing and controls services company focused on designing, building, and servicing complex systems in mission-critical facilities. Therma has in-house engineering, design, fabrication, process piping, controls, pre-fabrication and installation capabilities. Therma works for owners, general contractors and construction managers in the technology, biopharmaceutical, data center, semiconductor and other industries with complex requirements. Therma has completed four add-on acquisitions to date and is actively pursuing additional strategic add-on opportunities. For more information, please visit www.thermaholdings.com.

About Gemspring Capital
Gemspring Capital, a Westport, Connecticut-based private equity firm with $1.1 billion of capital under management, provides flexible capital solutions to lower middle market companies headquartered in the United States and Canada. Gemspring partners with talented management teams and takes a partnership approach to helping drive revenue growth and value creation. Target companies have up to $500 million in revenue and are in the business services, distribution and logistics, financial and insurance services, healthcare services, industrial services, software and tech-enabled services or specialty manufacturing sectors. For more information, visit www.gemspring.com.