Falls River Group, LLC (“FRG”) 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.
FSC personnel will join the Trane Technologies’ Life Science Solutions team. This includes Scott Farrar, founder and chief technology officer, who will serve as vice president of technology and innovation. Jim Vuksic will serve as an advisor to the team.
Holly Paeper, formerly vice president of Strategic Sales, Commercial HVAC Americas for Trane Technologies, has been appointed president of the new business, Trane Technologies Life Science Solutions, which will operate as part of the company’s Commercial HVAC Americas business unit.
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.
Jim Vuksic, CEO Farrar Scientific, commented
“This merger validates the Company’s differentiated technology, established brand equity, and global customer base. We relied heavily on FRG for strategic advisory, market and operational expertise, and transaction experience. They were critical in helping us navigate through the complex deal process.
We are incredibly proud of the work the team has done to get this game changing technology to the market. The growth in this business over the last few years demonstrated the market needed something better. In partnering with Trane Technologies, we chose the best company for our customers, employees, and community to scale up and help bring better, safer, more cost-effective medicines to the world through equipment made right here in Marietta, Ohio,”
Dave Regnery, CEO of Trane Technologies, added
“Farrar Scientific has revolutionized ultra-low temperature control for biopharmaceutical companies and become a critical supplier to large pharma customers. It brings technologies that meet critical needs in the addressable healthcare manufacturing and bioprocessing market, which is expected to grow to $1.65 billion by 2023.
Leveraging our expertise in sustainable climate controls, our global footprint, and best-in-class business operating system, Trane Technologies will profitably grow and scale the pioneering solutions from Farrar Scientific. We also look forward to expanding our role in helping to provide vaccines, medicines and other healthcare products that are important to quality of life around the world.”