RICHMOND, Va.– TemperPack® Technologies, a leading manufacturer of sustainable thermal insulation for cold chain packaging, announced today that it has closed on $140 million of new equity financing, led by the Sustainable Investing business within Goldman Sachs Asset Management (Goldman Sachs). Goldman Sachs was joined by existing TemperPack investors including Grosvenor Food & AgTech, Harbert Growth Partners, Tao Capital Partners, Revolution Growth, SJF Ventures, and Arborview Capital.
TemperPack has experienced rapid growth in recent years, driven by strong demand for its patented ClimaCell® thermal liners. ClimaCell is the leading sustainable alternative to expanded polystyrene (EPS, Styrofoam®) for the shipment of perishable foods, pharmaceuticals, and other life science products. Unlike EPS, ClimaCell is non-toxic and curbside recyclable. The use of ClimaCell keeps plastic waste out of the environment and reduces carbon emissions.
The new funding led by Goldman Sachs will expand TemperPack’s capacity for protective materials technologies, grow its geographic footprint, and extend its customer reach.
“We are absolutely thrilled to partner with Goldman Sachs to accelerate our growth and diversify our offering of innovative, sustainable high-performance protective materials,” said Bob Beckler, TemperPack Chairman and CEO. “As TemperPack grows, we increase the beneficial impact for consumers, our customers, and our planet.”
“Goldman Sachs is committed to partnering with outstanding businesses that help drive sustainability. TemperPack has demonstrated an ability to lead in the cold chain materials space with much-needed sustainable solutions. We’re excited to invest in TemperPack’s growth to accelerate the development of technologies that disrupt the use of conventional single-use plastics,” said Jeff Possick, Managing Director, Goldman Sachs Asset Management.
J.P. Morgan Securities LLC served as the exclusive placement agent for TemperPack in connection with the transaction.
