FMI Advises Building Systems Holdings in Sale to Therma, a Blackstone Portfolio Company

BSH Expands Therma’s Geographic Reach and End Markets

FMI Capital Advisors is pleased to announce the sale of Building Systems Holdings (“BSH”) to Therma Holdings LLC (“Therma”), a portfolio company of Blackstone. BSH is a Midwest-based design engineering and construction management firm that works primarily within healthcare and K-12 schools to plan, design, and manage construction for facility upgrades and new buildings. FMI Capital Advisors served as the exclusive financial advisor to BSH for this transaction, which closed on August 18, 2021.

This acquisition bolsters Therma’s staff of professional engineers focused on energy efficiency and sustainability. The company offers comprehensive services and solutions to address the entire lifecycle of a building. These energy-focused services include planning and design, installation and implementation, operations and maintenance, and refurbishment and renovation.

Arif Quraishi, President of BSH, said, "With their exceptional understanding of the energy & infrastructure solutions market, the FMI bankers helped us find a partner that shares the same strategies, goals, and values as BSH.”

About BSH, Inc.
Building Systems Holdings (“BSH”), comprised of CPMI, ICS and Obernel Engineering, specializes in providing innovative lifecycle facility solutions to help plan, build, and operate buildings. BSH’s customized services integrate the planning, engineering, funding, construction, and ongoing operations of buildings as they help throughout all phases of building projects. For more information, visit,,

About Therma Holdings LLC
Therma Holdings, a Blackstone portfolio company, is a leading specialty mechanical, electrical, plumbing, and controls services company focused on designing, building, and servicing complex systems in mission-critical facilities and other high-performance buildings. Therma Holdings’ professionals and engineers deliver services that are core to improving and maintaining energy efficiency for leading companies across the technology, life sciences, healthcare, and data center sectors. For more information, visit

About FMI Capital Advisors
FMI Capital Advisors has fully dedicated and deeply experienced investment banking teams advising clients on merger and acquisition (M&A) transactions across the built environment. We maximize value for our clients through our deep market knowledge, strong technical expertise and an unparalleled network of industry relationships.

For more information, visit FMI Capital Advisors.

FMI Capital Advisors Contacts:

Tim Huckaby
President, FMI Capital Advisors
[email protected]

Andrew Henderson
Vice President, FMI Capital Advisors
[email protected]

Russell Clarke
Vice President, FMI Capital Advisors
[email protected]