Mon, 28 Oct 2024 | BUSINESS SALE
A Theale-based provider of temperature-controlled containers has been snapped up by private equity backed US pharmaceutical manufacturing company Cold Chain Technologies.
Tower Cold Chain, which was founded in 2000 by former UK government scientist John Pring, designs, manufactures and operates a fleet of advanced passive reusable temperature-controlled containers used to transport high-value life sciences products. It has a network of more than 20 service hubs across five continents including Philadelphia, Brussels, Singapore, Shanghai, Melbourne and Cape Town.
Its clients include companies in the pharmaceuticals industry – both human and animal -, third party logistics and airlines where it provides food containers for in-service catering to keep food chilled or frozen.
Cold Chain Technologies (CCT), headquartered in Massachusetts, is a global provider of thermal packaging and digital monitoring services for the transportation of temperature-sensitive life sciences products.
This marks CCT’s fourth acquisition since it was bought by private equity firm Aurora Capital Partners in 2019. Last year it bought Exeltainer, a provider of life sciences thermal packaging solutions with manufacturing hubs in Spain and Brazil.
Over the last five years CCT has also entered into key new life sciences verticals, launched its digital platform, and grown its global manufacturing and service capabilities.
Ranjeet Banerjee, chief executive of CCT, said: "Tower has developed an impressive portfolio of highly technical, robust reusable products capable of exceeding the stringent requirements of global pharmaceutical clients. We are thrilled to offer exciting new products and geographic service capabilities to our current and prospective customers.”
Niall Balfour, chief executive of Tower added: "We are excited to leverage CCT’s robust product portfolio, manufacturing capabilities, proprietary track-and-trace software, and leading R&D expertise to accelerate our worldwide growth. We have long admired CCT as a leader in our industry and believe it is the ideal partner to support Tower’s next chapter of growth."
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