Behrman Capital’s Pelican Products Acquires Minnesota Thermal Science

Behrman Capital portfolio company Pelican Products, a designer and manufacturer of high-performance protective case solutions and advanced portable lighting systems, has acquired Minnesota Thermal Science. Financial terms of the transaction were not disclosed.

PRESS RELEASE

Behrman Capital, a private equity investment firm based in New York and San Francisco, today announced that its portfolio company Pelican Products, Inc., a leading designer and manufacturer of high-performance protective case solutions and advanced portable lighting systems, has acquired Minnesota Thermal Science (MTS), the industry leader in global temperature controlled transportation products. Financial terms of the transaction were not disclosed.

Based in Plymouth, Minnesota, MTS will become part of Pelican’s BioPharma™ division. Pelican now offers the most advanced temperature controlled packaging solutions available for the safe transport of pharmaceuticals, tissue, biologics, diagnostics, blood and other healthcare products. In addition to Pelican BioPharma cases, which offer 140+ hours between 2.0 to 8.0C, customers will have access to the full suite of MTS products including the reusable Credo Cube®, which protects payload contents at defined temperatures longer than any other passive thermal shipper. The company also offers the Credo Xtreme® full pallet, which holds 890 liters, and half pallet, which holds 406 liters, each providing 35% more payload space than the closest competitor. Pelican also provides a complete range of services and software to support its reusable temperature controlled packaging solutions.

Grant Behrman, Managing Partner of Behrman Capital, said, “MTS is a tremendous addition to the Pelican platform. Demand for temperature controlled shipping solutions is expanding, and with global distribution and award-winning products, the enhanced BioPharma division will be a key driver of Pelican’s long-term growth.”

Lyndon Faulkner, President and CEO of Pelican, said, “We are extremely excited about the acquisition of MTS, which strengthens our current customer base, distribution channels and engineering expertise in the pharmaceutical and life science industries. BioPharma now offers an unmatched range of the most advanced temperature controlled packaging solutions, and we are already planning an accelerated product development program that will further enhance our solution set and associated cold chain services.”

About Behrman Capital
Based in New York City and San Francisco, Behrman Capital was founded in 1991 by Grant G. and Darryl G. Behrman. The firm invests in management buyouts, leveraged buildups and recapitalizations of established growth businesses. The company’s investments are primarily focused in five industries: health care, specialty manufacturing, business to business outsourcing, defense and information technology. The firm has raised five funds with a combined capital base in excess of $3.0 billion.
About Pelican Products, Inc.
Pelican Products, Inc. is the global leader in design and manufacture of both high-performance case solutions and advanced portable lighting systems. Their products are used by professionals in the most demanding markets including fire safety, law enforcement, defense / military, aerospace, entertainment, industrial and consumer. Pelican products are designed and built to last a lifetime. The company operates in 19 countries, with 26 offices and five manufacturing facilities across the globe.

About Minnesota Thermal Science (MTS)
Minnesota Thermal Science is a global cold chain logistics leader, providing patented and award winning temperature controlled packaging solutions. MTS provides advanced technology in thermal protection packaging solutions for the safe transport of pharmaceuticals, tissue, biologics, diagnostics and blood.

Media Contacts:
James David or Mark Semer
Kekst and Company
212-521-4800

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