NEWS ORIGINALLY RELEASED BY NewSpring, 29 Aug, 2023
ROCHESTER, N.Y., Aug. 29, 2023 /PRNewswire/ — AeroSafe Global (AeroSafe), the industry-leading cold chain solution provider, announced today the closure of a $43M funding round led by NewSpring, via NewSpring Healthcare, the Firm’s dedicated, thesis-driven strategy focused on investing in companies that positively impact health outcomes across the care continuum. Existing blue chip healthcare investors, including Peloton Equity, Merck Global Health Innovation Fund, Hamilton Lane, Flexstone Partners, WAVE Equity Partners, and Escalate Capital, also participated in the round. This growth capital will be used to support 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,” said Jay McHarg, CEO of AeroSafe. “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.”
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.
“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 to 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.”
Baird acted as the exclusive placement agent and Foley Hoag acted as the legal advisor to AeroSafe.
About AeroSafe Global
AeroSafe Global 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. AeroSafe Global 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. For additional information, please visit www.AerosafeGlobal.com.
NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages over $3.0 billion across five distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Having invested in over 200 companies, NewSpring brings a wealth of knowledge, experience, and resources to take growing companies to the next level and beyond. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries. To learn more, visit www.newspringcapital.com.
About WAVE Equity Partners
WAVE Equity Partners (WAVE) is an independent sustainability-focused investment firm. We partner with early-growth companies whose proven clean technologies drive meaningful bottom-line impact and environmental benefits for large industrial manufacturers. Our industry knowledge and dedication to true partnership allow us to identify and support leaders whose innovative solutions are commercially accepted, deliver immediate impact and are poised to scale. WAVE is currently investing out of its third institutional fund and has approximately $420 million under management (AUM) as of Dec. 31, 2022. For more information please visit https://waveep.com/ or by following the company on Twitter and LinkedIn.