Therma Acquires VarcoMac

SPX Technologies Acquires Thermolec

January 20, 2026

Manufacturing

SPX Technologies has completed the acquisition of Montréal-based Thermolec Ltd. for CA$195 million (approximately US$140 million). Thermolec, a manufacturer of custom electric duct heating and related HVAC solutions with nearly 200 employees and about US$35 million in annual revenue, will join SPX's HVAC Electric Heat business to expand product capabilities and grow sales in the U.S. and Canada.

Thermogenics Acquires Matt Marshall & Co.

May 8, 2024

HVAC & Mechanical

Thermogenics, a North American provider of boiler lifecycle solutions, has acquired Matt Marshall & Co., a 70-year-old boiler service company based in Greensboro, North Carolina. The acquisition expands Thermogenics' service capabilities in the US Southeast and introduces new presence in the mid-Atlantic while allowing Matt Marshall & Co. to continue operating under its existing name.

Blackstone Energy Partners Acquires Therma Holdings (and RE Tech Advisors) from Gemspring Capital

November 9, 2020

Engineering Services

Private equity funds managed by Blackstone Energy Partners have entered into a definitive agreement to acquire Therma Holdings LLC, a specialty mechanical, electrical and controls services provider, from Gemspring Capital. Blackstone is also acquiring RE Tech Advisors, Inc. and will integrate it into Therma to expand energy efficiency, sustainability and building management capabilities; the combined business will support mission-critical facilities across technology, life sciences, healthcare and data center end markets.

Therma Holdings Acquires Gilbert LLC

June 8, 2020

Industrial Services

Therma Holdings, a Gemspring Capital portfolio company, has acquired Gilbert LLC, a Minneapolis-area provider of mechanical, electrical, plumbing, controls and fire protection services. The deal is Therma's fourth add-on since partnering with Gemspring and is intended to expand Therma's capabilities and presence in the Twin Cities market, particularly for mission-critical facilities such as healthcare.

Therma Holdings Acquires Integrated Mechanical Systems

February 25, 2019

Industrial Services

Therma Holdings LLC, a portfolio company of Gemspring Capital, has acquired the assets of Integrated Mechanical Systems, an Irwindale, California-based provider of mechanical design, fabrication, construction and maintenance services. The acquisition is intended to accelerate Therma's service offering and scale in Southern California by combining Integrated Mechanical into Therma's existing Southern California operations.

Therma Holdings Acquires Yearout Mechanical

January 15, 2019

HVAC & Mechanical

Therma Holdings LLC, a Gemspring Capital-backed Bay Area mechanical services platform, has acquired Yearout Mechanical, a design-build HVAC, plumbing and piping services provider based in Albuquerque, New Mexico. The acquisition expands Therma's geographic footprint into the New Mexico market and adds in-house fabrication and design-build capabilities to its platform.