Falls River Group, LLC (“Falls River Group”) is pleased to announce the acquisition of Farrar Scientific Corporation (“FSC”) by strategic investor Trane Technologies (“Trane”, NYSE: TT). This transaction further strengthens Falls River Group's sector focus across the life sciences value chain. Falls River Group acted as the exclusive M&A Advisor to Farrar Scientific Corporation for the transaction in a co‐marketing partnership with ECM&A.
We are incredibly proud of the work the team has done to get this game changing technology to the market. 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 for our customers, employees, and community to scale up and help bring better, safer, more cost‐effective medicines to the world through equipment made right here in Marietta, Ohio,” said Jim Vuksic, CEO of Farrar Scientific.
Farrar Scientific Corporation, a leader in ultra‐low temperature control for biopharmaceutical and other life science applications, announced that is has closed the transaction to be acquired by Trane Technologies (NYSE: TT), a global climate innovator, originally announced on September 13, 2021.
Farrar Scientific’s proprietary technology fills an unmet need for flexible, modular, and efficient ultra‐low temperature process and storage, including cooling and heating/thawing. The solutions provide an alternative to large‐scale freezer farms or capital‐intensive cold rooms used in manufacturing of drugs, vaccines and other biological products.
Farrar Scientific has revolutionized ultra‐low temperature control for biopharmaceutical companies and become a critical supplier to large pharma customers,” said Dave Regnery, CEO of Trane Technologies. “It brings technologies that meet critical needs in the addressable healthcare manufacturing and bioprocessing market, which is expected to grow to $1.65 billion by 2023.
Leveraging our expertise in sustainable climate controls, our global footprint, and best‐in‐class business operating system, Trane Technologies will profitably grow and scale the pioneering solutions from Farrar Scientific. We also look forward to expanding our role in helping to provide vaccines, medicines and other healthcare products that are important to quality of life around the world.”
Trane Technologies will acquire 100% of Farrar Scientific’s assets, including its patented ultra‐low temperature control technologies, a development and assembly operation in Marietta, Ohio, and a specialized team of engineers, sales engineers, operators, and technicians.
Farrar Scientific personnel will join the Trane Technologies’ Life Science Solutions team. This includes Scott Farrar, founder and chief technology officer of Farrar Scientific, who will serve as vice president of technology and innovation. Jim Vuksic will serve as an advisor to the team.
Holly Paeper, formerly vice president of Strategic Sales, Commercial HVAC Americas for Trane Technologies, has been appointed president of the new business, Trane Technologies Life Science Solutions, which will operate as part of the company’s Commercial HVAC Americas business unit.
The upfront transaction value is $250 million, with a total transaction value of up to $365 million inclusive of $115 million in additional payout potential in 2025 tied to the attainment of key financial targets.
Deal Team Contacts
Group President, Life Sciences
Senior Vice President