The Bottom Line: NewSpring Invests in Industry-Leading Cold Chain Solutions Provider, AeroSafe Global
August 31, 2023
NewSpring ("the Firm"), a family of private equity strategies, announced today that NewSpring Healthcare, the Firm's strategy dedicated to investing in innovative companies in the lower-middle market that improve the delivery of healthcare or bend the cost curve through technology and human capital efficiencies, has led a $43 million funding round in AeroSafe Global (AeroSafe). Existing blue chip healthcare investors, including Peloton Equity, Merck Global Health Innovation Fund, Hamilton Lane, Flexstone Capital, Wave Equity Partners, and Escalate Capital, also participated in the round.
AeroSafe is an industry-leading cold chain solution provider
AeroSafe is the leader in biopharmaceutical cold chain solutions, providing 'Cold Chain as a Service' (CCaaS) to ensure the safe, sustainable delivery and effective use of pharmaceuticals. Its comprehensive service offering includes high-tech reusable thermal packaging, outsourced supply chain services, and a temperature monitoring control tower, all part of a pay-per-turn, hassle-free program. The company delivers outstanding reliability with significant sustainability benefits through its industry-leading reuse program that reduces carbon usage and landfill by 65% and 90%, respectively, compared to traditional Styrofoam containers.
AeroSafe will use the proceeds to support its continued customer growth with innovative product development and increased operational capacities
As AeroSafe continues its quest to ensure safe, sustainable deliveries of therapeutics, so does its positive impact on the healthcare industry. More than 45 biopharma companies trust AeroSafe to help them deliver millions of shipments to hundreds of thousands of patients, providers, pharmacies, and hospital systems in 85 countries. AeroSafe is transforming the pharma supply chain for a more reliable, sustainable future.
"We are thrilled to welcome NewSpring to the AeroSafe team. With their depth of knowledge, extensive experience, and outstanding team, NewSpring is the ideal partner for AeroSafe at this time of explosive growth in existing and expanding markets."
Pete Buzy, healthcare industry veteran and NewSpring Advisory Partner, is joining AeroSafe’s Board of Directors
As part of the transaction, Pete Buzy will join the AeroSafe Board of Directors. Buzy is the former Chairman of Gene Therapy at Catalent, Inc., and currently serves as an Advisory Partner for NewSpring's dedicated healthcare funds.
Led by CEO Jay McHarg, AeroSafe is addressing key issues that will positively impact the pharmaceutical industry
"As demand for biologics and the timely, safe delivery of temperature-sensitive therapeutics continues to skyrocket, AeroSafe is redefining cold chain solutions by increasing visibility and responsiveness to avoid costly failures that result in lost drug inventory," said Kapila Ratnam, Ph.D., NewSpring General Partner with over 20 years of experience in the healthcare industry. "Jay and his team have done a tremendous job developing a technology-enabled service for one of the pharmaceutical industry's largest problems, and we're thrilled to work alongside their entire team as we expand access to these critical services and take the business to new levels of growth."