Manufacturer of efficient and sustainable climate solutions for buildings, homes, and transportation
Acquired 100% of Business Operations
Farrar Scientific Corporation
Manufactures ultra-low temperature processing and storage systems for biopharma/biotech
Advised on Sale
IMAP advises on the sale of Farrar Scientific to Trane Technologies
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.