CLIENT OBJECTIVES
Farrar Scientific Corporation (“FSC”) revolutionized ultra-low temperature control for biopharmaceutical and life sciences companies and rapidly became a critical supplier to large pharma customers as the Company commercialized its technology.
FSC’s Rate Chamber and ULC product lines utilize patented ultra-low temperature control technologies and bioprocessing capabilities that differentiate from existing market offerings by providing more efficiency, increased capacity and/or yield, more control and a modular design.
Marietta, OH serves as the home of the Company’s corporate headquarters, design, manufacturing, assembly, monitoring and warehousing facilities. FSC staffs a team of 31 employees.
COMPANY OVERVIEW
Farrar Scientific Corporation (“FSC”) revolutionized ultra-low temperature control for biopharmaceutical and life sciences companies and rapidly became a critical supplier to large pharma customers as the Company commercialized its technology.
FSC’s Rate Chamber and ULC product lines utilize patented ultra-low temperature control technologies and bioprocessing capabilities that differentiate from existing market offerings by providing more efficiency, increased capacity and/or yield, more control and a modular design.
Marietta, OH serves as the home of the Company’s corporate headquarters, design, manufacturing, assembly, monitoring and warehousing facilities. FSC staffs a team of 31 employees.
CREATING VALUE
FRG was engaged to find a buyer and ran a targeted dual-path process, beginning with select financial sponsor and later introducing strategic acquirers, both market insiders and outsiders. This market positioning provided FSC with considerable optionality from minority growth investments to complete exits.
We conducted a narrow process to quickly solicit terms from the most likely candidates. The unique opportunity paired with FRG’s approach generated robust market interest, resulting in 12 chemistry meetings and offers that all exceeded FRG’s ‘upside’ valuation case of the Company.
Due to the sophisticated nature of FSC’s technology, rapid acceleration of growth, and strategic interest in the Company, FRG created significant competitive tension amongst key parties leading up to final LOI negotiations while managing a substantial commercial due diligence process in parallel.
Ultimately, the shareholders decided to proceed with Trane Technologies, a global leader in sustainable climate controls. Due to the highly complimentary fit between the entities, Trane was aggressive in meeting the sellers’ transaction objectives. Through its engineered approach and operational expertise in life sciences, FRG yielded an industry high transaction multiple and surpassed shareholders’ valuation expectations by more than 15x.
FARRAR SCIENTIFIC CORPORATION
The growth in this business over the last few years demonstrated the market needed something better. In partnering with Trane Technologies, we chose the best company to scale up and help bring better, safer, more cost-effective medicines to the world through equipment made right here in Marietta, Ohio.
FARRAR SCIENTIFIC CORPORATION
