TemperPack Receives $140 Million in Equity Financing Led by Goldman Sachs

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by KnowESG

TemperPack, a manufacturer of sustainable insulated packaging solutions for cold chain shipment, announced it raised $140 million in new equity financing led by sustainability business within Goldman Sachs Asset Management. The existing investors of TemperPrack, including Grosvenor Food & AgTech, Harbert Growth Partners, Tao Capital Partners, Revolution Growth, SJF Ventures, and Arborview Capital, joined Goldman Sachs in the investment round.

TemperPack's sustainable solution, ClimaCell thermal liners, an alternative to EPS coolers for shipping temperature-sensitive products such as perishable foods, pharmaceuticals, and other life science products, has led to the company's rapid growth recently.

EPS coolers are toxic and not environment-friendly, while ClimaCell gets rid of plastic waste from the environment and reduces carbon emissions. The company produces millions of ClimateCell box liners every month at its facilities in Richmond, Virginia, and Las Vegas.

The financing round led by Goldman Sachs will help TemperPack expand its capacity for protective materials technologies, extend customer reach, and enhance its geographic footprint.

Bob Beckler, Chairman and CEO, said: "We are 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."

Jeff Possick, Managing Director, Goldman Sachs Asset Management, said: "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,”


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