Frazier Healthcare Partners buys 50 pct stake in THL-backed CSafe

CSafe Global, a portfolio company of Thomas H. Lee Partners LP, has sold a percent stake to Frazier Healthcare Partners.

CSafe Global, a portfolio company of Thomas H. Lee Partners LP, has sold a percent stake to Frazier Healthcare Partners. No financial terms were disclosed. Based in Dayton, Ohio, CSafe is a provider of cold chain shipping solutions to global pharmaceutical and life sciences companies.

PRESS RELEASE

BOSTON–(BUSINESS WIRE)–CSafe Global (“CSafe” or the “Company”), a leading provider of cold chain shipping solutions to global pharmaceutical and life sciences companies, and portfolio Company of Thomas H. Lee Partners, L.P. (“THL”), has completed the sale of a 50% stake to Frazier Healthcare Partners (“Frazier”).

Headquartered in Dayton, Ohio, CSafe offers a full suite of cold chain shipping solutions and is a leading provider of active air cargo solutions as well as passive parcel and cell and gene solutions. In addition to key acquisitions, CSafe has expanded operations to more than 40 service centers and countless hubs worldwide to ensure product availability and to continue to fulfill its mission to provide patients around the world with access to viable, life-enhancing pharmaceuticals.

“When we invested in CSafe in 2016, we believed in both the quality of CSafe’s offering and the demand for cold chain shipping solutions. Over the past few years, we have worked with management to drive organic growth and operational initiatives, further positioning CSafe for continued success,” said Josh Nelson, Managing Director at THL.

“During the global pandemic, there has been an increased focus on the pharmaceutical supply chain and CSafe has been ready and able to serve its customers despite a challenging operating environment. The Company’s customer-first approach has positioned it well for what we believe to be a critical period for pharmaceutical companies,” said Megan Preiner, Managing Director at THL.

“Over the past few years, THL has been a great partner of ours by helping us further define our business strategy and commercial offering,” said Patrick Schafer, CEO of CSafe. “By adding Frazier as an investor alongside THL, we look forward to the next chapter of value creation for CSafe.”

Together, THL and Frazier will partner with CSafe on the next phase of the Company’s growth. THL and Frazier have a successful history of working together, particularly in pharma services. THL and Frazier will work closely with CSafe to continue to provide best-in-class service to the Company’s growing and valued pharma customers.

“Frazier has been tracking CSafe for several years as a very attractive, highly complementary asset to add to our portfolio. We are thrilled to partner with THL on this opportunity and to back an excellent management team,” said Ben Magnano, Managing Partner at Frazier. “This investment is exemplary of Frazier’s longstanding pharma services thesis, as we partner with Frazier Executive in Residence Bill Mitchell, in his role as Executive Chairman of the Board of CSafe following his successful tenure as CEO of former Frazier portfolio Company PCI Pharma Services.”

Specific terms of the transaction have not been disclosed.

William Blair served as lead financial advisor and Ropes & Gray LLP served as legal counsel to CSafe, and Goodwin Procter LLP served as legal counsel to Frazier.

About Thomas H. Lee Partners, L.P.
Thomas H. Lee Partners, L.P. (“THL”) is a premier private equity firm investing in middle market growth companies, headquartered primarily in North America, exclusively in three sectors: Financial Services, Healthcare and Technology & Business Solutions. We couple our deep sector expertise with dedicated internal operating resources to transform and build great companies of lasting value in partnership with management. Since 1974, we have raised more than $25 billion of equity capital, invested in over 150 companies and completed more than 400 add-on acquisitions representing an aggregate enterprise value at acquisition of over $200 billion. For more information on THL, please visit www.THL.com.

About Frazier Healthcare Partners
Founded in 1991, Frazier Healthcare Partners is a leading middle market private equity firm focused exclusively on healthcare. With more than $4.8 billion total capital raised, Frazier has invested in more than 200 companies with transaction types ranging from buyouts of profitable healthcare services companies to venture capital and Company creation. Frazier has a philosophy of partnering with strong management teams while leveraging its internal operating resources and network to build exceptional companies. Frazier has offices in Seattle, WA, and Menlo Park, CA, and invests broadly across the U.S., Canada, and Europe. For more information about Frazier Healthcare Partners, please visit www.frazierhealthcare.com.

About CSafe Global
CSafe Global provides end-to-end thermal shipping solutions to the pharmaceutical and life science industries worldwide. Using its proprietary, fully-integrated Artificial Intelligence capability, CSafe ensures containers are available when and where customers need them. Combined with the Company’s industry-leading retest and reuse program, all CSafe customers are assured ongoing superior product performance for every shipment that also meets customers’ sustainability objectives. With a global presence, CSafe is committed to providing its solutions on-demand 24/7 with a 100% guarantee, thus making CSafe the partner of choice for the most challenging customers in the cold chain. www.csafeglobal.com