TemperPack Accelerates Growth with $140 Million in New Funding, Led by Goldman Sachs Asset Management

Rhea-AI Summary

TemperPack Technologies, a leader in sustainable thermal insulation, has successfully raised $140 million in new equity financing, primarily backed by Goldman Sachs Asset Management. This funding aims to enhance TemperPack's production capacity and expand its market reach. The firm has seen rapid growth due to its eco-friendly ClimaCell thermal liners, which serve as alternatives to polystyrene in shipping perishable goods. The partnership with Goldman Sachs highlights a commitment to sustainability, reflecting the growing demand for environmentally responsible packaging solutions.

Positive

• Raised $140 million in equity financing to expand production capacity.
• Strong demand for ClimaCell thermal liners driving rapid growth.
• Commitment to sustainability aligns with market trends.

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• None.

RICHMOND, Va.--(BUSINESS WIRE)-- 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's Executive Leadership Team, led by Bob Beckler, the company's Chairman and Chief Executive Officer. (Photo: Business Wire)

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.

About TemperPack

TemperPack is the largest producer of sustainable cold chain materials for food and life sciences products in the U.S. The company’s mission is simple: protect products with materials that protect the planet. TemperPack was founded in 2015 by James McGoff, Brian Powers, and Charles Vincent to allow enterprises to ship perishable products without unnecessary plastic waste. The company develops and scales innovative solutions that disrupt unsustainable packaging technologies, and its materials protect millions of shipments every month. For more information, visit www.temperpack.com.

About Goldman Sachs Asset Management

Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of December 31, 2021. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Follow us on LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220322005450/en/

Jed Dutton

Vice President of Marketing, TemperPack

jed.dutton@temperpack.com

646-734-9439

Source: TemperPack

FAQ

What is the significance of the $140 million raised by GS-backed TemperPack?

The $140 million raised by TemperPack, supported by Goldman Sachs, will be utilized to expand production capacity and increase market reach.

How does ClimaCell thermal liner compare to traditional materials?

ClimaCell is a sustainable alternative to polystyrene, being non-toxic and curbside recyclable, thus reducing environmental impact.

When was TemperPack founded?

TemperPack was founded in 2015 and has since become a leader in sustainable cold chain materials.

What role did Goldman Sachs play in TemperPack's recent funding?

Goldman Sachs led the $140 million equity financing round, emphasizing their commitment to sustainable businesses.

What are the future growth plans for TemperPack following this funding?

TemperPack plans to enhance protective materials technology, grow geographically, and extend its customer reach.