California company acquires Minnesota Thermal Science
Minnesota Thermal Science was acquired by a company in southern California, the Star Tribune reported.
Minnesota Thermal Science (MTS) announced the sale on its website reporting the company was acquired by Torrance-based Pelican Products, “the leader in the design and manufacture of high-performance protective case solutions and advanced portable lighting systems. MTS will merge with Pelican’s already established BioPharma division.”
The Star Tribune reported officials from Pelican wouldn’t confirm or deny a published report from Datamonitor Financial Deals Tracker that the deal was worth $26 million.
“This transaction will provide us enhanced sales and distribution capabilities globally, as well as additional engineering expertise and other resources to increase our offerings to the pharmaceutical and life science industries,” MTS reported. “The combined entity will offer an even wider range of the most advanced temperature controlled packaging solutions for the safe transport of pharmaceuticals, tissue, biologics, diagnostics, blood and other healthcare products. We are already planning an accelerated product development program which will significantly enhance our solution set and associated cold chain services.”
MTS said its entire management team will remain intact and become an integral part of Pelican’s BioPharma division.
The division will be headed up by Tom Anderson, senior vice president — Pelican BioPharma. Reporting to Anderson will be Dick Peters, vice president of Global Operations and Services — BioPharma, and Kevin Lawler, vice president of sales — BioPharma. Jeff Wodrich will continue in his key role as director of business development for the new organization and we will be integrating the rest of the Pelican BioPharma team.
Minnesota Thermal Science developed the Credo Cube, a 100 percent reusable cube that ensures safe transport of temperature-sensitive medical and bio-tech products. Between 2004 and 2007, about 95 percent of the company’s products were shipped for military use — American, British and Israeli.
The cube, a specialized container with advanced technology, gives the medical and pharmaceutical industries a cost-saving alternative to transporting temperature-sensitive products — like blood, vaccine, organs — with thermal protection for up to seven days, the longest-duration thermal protection in the industry.
The cube uses high-end insulators — vacuum-insulated panels and high performance plastic filled with a phase-change refrigerant, or one that can go from solid to liquid. The refrigerants are capable of meeting specific temperature needs for particular products.
Minnesota Thermal Science won the Advanced Manufacturing Award at the 2009 Tekne Awards, which honor companies and individuals who have shown superior technology innovation and leadership in the state.
MTS was founded in 2004 and has 35 employees at its Plymouth facility. Pelican Products has 1,250 employees. The Star Tribune reported MTS has been growing revenue 50 percent per year during the past five years.
Minnesota Thermal Science was part of A. Johnson Enterprises of Baxter.