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Capstone Headwaters Advises VarcoMac Electrical Construction Company on its Acquisition by Therma Corporation

September 2019

Denver, CO - Capstone Headwaters, a leading international investment banking firm, advised VarcoMac Electrical Construction Company (“VarcoMac”) on its acquisition by Therma Holdings LLC (“Therma”), a portfolio company of Gemspring Capital.  Terms of the deal were not disclosed.   

VarcoMac is a leading electrical contractor servicing the data center, healthcare and high technology industries.  Its services range from the design-assist delivery of electrical systems to comprehensive ongoing and preventative maintenance arrangements throughout the lifecycle of building systems.

“We look forward to joining the Therma family and building upon the work we’ve done over the past 37 years to serve our customers, propel our growth and provide new opportunities for our employees,” said Shane Wilemon, President of VarcoMac.  "CSHW’s ability to quickly understand and create a theme around what makes VarcoMac unique among its peers was invaluable.  The team was our advocate throughout the entire process and helped us resolve many complex issues through the day of closing."  VarcoMac will continue to be led by Shane Wilemon and will operate as VarcoMac LLC, a subsidiary of Therma Holdings LLC.

“It was an honor to represent and guide the shareholders of VarcoMac through this mutually successful transaction.  VarcoMac is a market leader and the entire organization is unmatched in its capabilities, value proposition and service offerings” said Capstone Headwaters Managing Director Darin Good.

“VarcoMac’s strong base of service and maintenance - with a focus on complex systems in mission-critical environments - expands our service offerings, customer and geographic reach,” commented Jeff Sprau, CEO of Therma.  “VarcoMac’s high-quality workforce and experienced management team share our culture, values and commitment to delivering superior service and value to our customers.”

Therma Holdings LLC is a leading mechanical and electrical services company focused on designing, building, and servicing complex systems primarily in mission-critical facilities.  Therma has in-house engineering, design, fabrication, process piping, controls, pre-fabrication and installation capabilities.  Therma services owners, general contractors and construction managers in the technology, biopharmaceutical, data center, semiconductor, and other industries with complex requirements.

“CSHW’s ability to quickly understand and create a theme around what makes VarcoMac unique among its peers was invaluable.  The team was our advocate throughout the entire process and helped us resolve many complex issues through the day of closing."  
Shane Wilemon
President
VarcoMac