We, like Blackstone, announced that our branch, i.e. Blackstone energy partners, will take over Therma Holdings LLC. It is a portfolio of the Gemspring Capital – a middle-market private equity investor from Connecticut. Gemspring Capital is a private equity firm specializing in lower middle-market companies. With $1.1 billion of capital under management, we provide flexible capital and partner with talented management teams to propel companies to grow and achieve their full potential.
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At Gemspring, we take a hands-on approach to invest and commit operating and strategic resources to help drive revenue growth and operating efficiencies at each of our portfolio companies. We take smart risks with capital investment and often pursue transformational add-on acquisitions. The goal for each portfolio company is growth, enhanced market leadership, and a significant increase in the strategic value of the business.
Therma is a company that deals in electrical, mechanical, and controls services, with its headquarters in California. Therma Holdings is the parent to a family of mechanical, electrical, plumbing and controls companies across the nation, offering superior service and in-house design and installation capabilities to solve the complex challenges of our client’s evolving needs. Even though it has its headquarters there, its services are not limited. Its branches of designing, building, and servicing complex building systems have their reach throughout the American landmass. With the acquisition of Therma, we include mechanical, electricity, plumbing, refrigeration, and HVAC technologies to meet a critical mission’s requirements.
Therma’s end clients include data centers, technology companies, biopharmaceutical, and health care facilities, industrial and manufacturing firms, and more. The rm has made several strategic acquisitions in recent years, focusing on mission-critical building services with $40 million-plus in annual revenues.
After collaborating with Therma, we will take over RE tech advisors, energy and sustainability firms of leading stature. We, at Blackstone Energy, decided that we will merge Therma and RE Tech. It will result in a good place for the customers to acquire sustainability, carbon reduction, and energy management services.
RE tech indulges in the design, administration, and tracking of ESG ( energy-efficiency, environmental, social, and governance) programs for customers. It includes showing the path to real estate owners, government, and owners. We selected this company due to its track record of delivering more than $200 million of utility cost reductions via the implementation of 10.000 efficiency measures over more than 3000 assets.
They have been working with us since 2014 on various portfolio company projects. Their experienced group of professionals helped various companies raise their financial status to newer heights. They emphasize building an operational portfolio for portfolio companies and have more than $1 trillion assets under their watch. With them under our banner, Blackstone will enhance program designing, energy auditing, data analysis, tab on climate change, etc. We will also focus on solutions to carbon emissions, regulations on compliance, marketing, and communications.
In a company announcement, it is said that an enhanced focus and demand on energy efficiency and improved air quality indoors would lead to better growth of Therma’s opportunities. In return, Therma will help the portfolio companies under Blackstone to reach their targets of reducing emissions. As a recent development, we increased our environmental sustainability efforts with an objective of a 15 percent reduction in carbon emissions across all the new energy investments, where Therma controls energy usage.
Bilal Khan, the senior managing director of Blackstone, has emphasized that we strongly believe in the growth of technology, healthcare, data centre end markets. He further added that he is looking forward to partnering with Therma and RE tech teams for growing the business and solving the complex energy efficiency needs at mission-critical facilities across the USA.”
“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,” said David Foley, Global Head of Blackstone Energy Partners. “We also see opportunities to help companies become more efficient – consuming less energy and generating less carbon dioxide while not compromising the 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 2023, is subject to regulatory approvals and customary closing conditions.
Our company, i.e. Blackstone Energy partners, invested over $17 billion across the globe. Our investments helped the various sub-sectors within the energy sector reach greater heights. We aim to make this world an energy-efficient place so that humans can continue leading their lives without any worry of rapid depletion of energy.
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $619 billion in assets under management include investment vehicles focused on private equity, real estate, public debt, and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets, and secondary funds, all on a global basis.
Real estate as an asset and as an industry is not immune to the innovations made possible by the fourth industrial revolution. What has become widely known as PropTech describes the digital transformation that is currently taking place within the real estate industry? “PropTech is one small part of the wider digital transformation of the property industry. It describes a movement driving a mentality change within the real estate industry and its consumers regarding technology-driven innovation in data assembly, transactions, and the design of buildings and cities” (Andrew Baum and James Dearsley, reported in Davenport, 2019). In our 2017 report, we suggested that the roots of PropTech lay in three independent movements or impacts. These were Fintech; Smart Building technologies; and the Shared Economy.