Private equity firm Behrman Capital’s portfolio company Pelican Products has acquired Minnesota Thermal Science (MTS), a provider of global temperature controlled transportation products.
Financial terms of the transaction have not been disclosed.
Based in Plymouth, Minnesota, MTS will become part of Pelican’s BioPharma division. Pelican now offers the most advanced temperature controlled packaging solutions available for the safe transport of pharmaceuticals, tissue, biologics, diagnostics, blood and other healthcare products.
In addition to Pelican BioPharma cases, which offer 140+ hours between 2.0 to 8.0C, customers will have access to the full suite of MTS products including the reusable Credo Cube, which protects payload contents at defined temperatures longer than any other passive thermal shipper. The company also offers the Credo Xtreme full pallet, which holds 890 litres, and half pallet, which holds 406 litres, each providing 35 per cent more payload space than the closest competitor.
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Grant Behrman, managing partner of Behrman Capital, says "MTS is a tremendous addition to the Pelican platform. Demand for temperature controlled shipping solutions is expanding, and with global distribution and award-winning products, the enhanced BioPharma division will be a key driver of Pelican’s long-term growth."
Lyndon Faulkner, president and chief executive of Pelican, says: "We are extremely excited about the acquisition of MTS, which strengthens our current customer base, distribution channels and engineering expertise in the pharmaceutical and life science industries. BioPharma now offers an unmatched range of the most advanced temperature controlled packaging solutions, and we are already planning an accelerated product development program that will further enhance our solution set and associated cold chain services."
