Aurora Buys Cold Chain Technologies
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Aurora Buys Cold Chain Technologies

Aurora Capital Partners has acquired Cold Chain Technologies (CCT), a provider of thermal packaging products.

CCT is a provider of single-use and reusable passive thermal packaging products that are used in the shipping of temperature-sensitive materials, principally in the life sciences supply chain including commercial manufacturing, pharmaceutical distribution, clinical trials, specialty pharmacy deliveries, and direct-to-patient shipments. The company, led by CEO Larry Gordon, was founded in 1967 and is headquartered near Boston in Franklin, MA (www.coldchaintech.com).

“We built CCT on a ‘customer first’ philosophy, and we have continued to expand our offerings as our clients’ needs have evolved,” said Mr. Gordon, who will continue in his role as CEO under Aurora ownership. “While our ongoing success has enabled us to self-fund our extensive growth over the past 21 years, it became clear that finding the right partner would allow us to accelerate our growth plans.  We couldn’t have found a better partner than Aurora to help us continue to exceed our customers’ expectations as we expand globally, develop exciting new products, and grow our reusable solutions offering.”

The buy of CCT is the seventh investment for Aurora Equity Partners V LP which closed in May 2017 with $1.2 billion in capital. “CCT is an excellent fit with Aurora’s investment strategy, and we are proud that Larry and his team selected Aurora as their partner for the next phase of CCT’s growth,” said Randy Moser, a partner at Aurora.  “We are thrilled to be partnering with such an outstanding team, and we are excited to explore the number of opportunities that we believe exist to deploy additional capital to help CCT realize its full potential.”

Aurora Capital makes control investments of $50 million to $300 million in industrial, manufacturing and service-oriented businesses that are valued between $100 million and $500 million. Specific sectors of interest include industrial services and distribution, engineered products, and technology-enabled services. Aurora Capital was founded in 1991 and is headquartered in Los Angeles (www.auroracap.com).

“CCT has built a premier reputation in the cold chain packaging industry where the high cost of product spoilage has driven an intense focus by life sciences customers on quality and reliability,” said Mark Rosenbaum, a partner at Aurora.  “With the company’s long list of blue-chip clients and track record of organic growth, we believe CCT is well-positioned as the best platform in the industry to continue to grow with its customers both domestically and internationally.”

Harris Williams & Co. was the financial advisor to CCT and Robert W. Baird & Co. advised Aurora.

© 2019 Private Equity Professional | July 25, 2019

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