Advised on SaleHealthcare
Acquired 100% of Business Operations
IMAP is pleased to announce the acquisition of Farrar Scientific Corporation (“FSC”) by Trane Technologies (“Trane”, NYSE:TT). This transaction further strengthens FRG’s sector focus across the life sciences value chain. FRG acted as the exclusive M&A Advisor to FSC for the transaction in a co-marketing partnership with ECM&A.
FSC, a leader in ultra-low temperature control for biopharmaceutical and other life science applications, has announced that the acquisition by Trane Technologies (NYSE: TT), a global climate innovator, closed on October 15th, 2021.
FSC's proprietary technology fills an unmet need for flexible, modular, and efficient ultra-low temperature process and storage, including cooling and heating/thawing. The solutions provide an alternative to large-scale freezer farms or capital-intensive cold rooms used in manufacturing of drugs, vaccines and other biological products.
Trane Technologies will acquire 100% of FSC’s assets, including its patented ultra-low temperature control technologies, a development and assembly operation in Marietta, Ohio, and a specialized team of engineers, sales engineers, operators, and technicians.
The upfront transaction value is $250 million, with a total transaction value of up to $365 million inclusive of $115 million in additional payout potential in 2025 tied to the attainment of key financial targets.