Legence

Therma Holdings owned various mechanical, electrical, plumbing, maintenance, and fabrication companies. Each company operated under its own brand. The loose collective of generic services suppressed Therma Holdings’ valuation under a glass ceiling. Our challenge: find a way to break it.

What we found shocked us. (In a good way.)

Therma Holdings had built the first zero emissions education building! They had cut the Louisville Airport’s carbon emissions by 80%! They had transformed the Boston Medical Center into a zero-energy campus! The list was as impressive as it was long. This company of generic mechanical services was actually a world leader in maximizing the energy productivity of buildings.

While most people obsess over energy’s supply side – e.g., renewable energy. The demand side – the productive use of energy – gets near zero discussion. That’s a blindspot of massive consequence. Buildings, due to their low energy productivity, produce 36% of global CO2 emissions. Those emissions have increased every year.

The Rocky Mountain Institute estimates that widespread improvements in energy productivity can achieve 90% of the necessary carbon reductions. If improved in U.S. buildings, the energy consumption of buildings could drop to 7% of all U.S. energy produced, down from 40% today.

TH was a company our world desperately needed. But the world didn’t know it. And Therma Holdings didn’t know about it. So we rebuilt their mission, offering and brand around it. From the business of “mechanical services,” we pivoted Therma Holdings into the business of “energy productivity.” We crowned them inventors and leaders of a new climate technology category, “Energy Transition Accelerators.” We united the portfolio of companies under a new brand we named “Legence” — a legion united in a shared purpose.

Legence’s transformation unlocked significant growth and revaluation. By repositioning from mechanical services to the $5 trillion energy productivity market, Legence shifted its valuation benchmarks from low-multiple service comps (2.8x EBITDA) to high-multiple climate tech peers (18.2x EBITDA). The results followed: +101% revenue growth, over $330 million in new contract wins, and a +65% increase in job applicants. Earned media surged +967%. Revenue surpassed $1 billion, and in September 2025, Legence went public—raising $728 million on Nasdaq under the ticker LGN. With $2.8 billion in awarded backlog, the company now enters its next chapter with unprecedented market momentum.