Goldman Sachs Backs TemperPack in $140M Round
March 24, 2022
TemperPack Technologies, a manufacturer of sustainable thermal insulation for cold chain packaging has closed on $140 million of new equity financing, led by the Sustainable Investing business within Goldman Sachs Asset Management. 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.
ClimaCell is the leading sustainable alternative solution to EPS coolers for shipping temperature-sensitive products. TemperPack produces millions of ClimaCell box liners every month out of their facilities in Richmond, Virginia and Las Vegas, Nevada.
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
Bob Beckler, TemperPack Chairman and CEO said, "We are absolutely thrilled to partner with Goldman Sachs to accelerate our growth and diversify our offering of innovative, sustainable high-performance protective materials. 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.