Altor Solutions, a subsidiary of Compass Diversified and a leading designer and manufacturer of custom protective and cold-chain packaging solutions for the industrial and life sciences markets, announced it has entered into a definitive agreement to acquire Lifoam Industries, LLC, a manufacturer and distributor of temperature-controlled shipping solutions, for an enterprise value of $137 million in cash at closing (excluding working capital and certain other adjustments).
Founded in 1954, Lifoam is a leading manufacturer of temperature-controlled packaging products such as thermal shippers and refrigerant gel packs for the healthcare, commercial and retail industries. Lifoam is a carve-out of the material sciences company Jadex Inc.
The acquisition of Lifoam will expand Altor’s presence in the cold-chain packaging sector and diversify its customer base with blue-chip cold-chain accounts. Lifoam brings significant synergies and enhancements to Altor, including seven manufacturing locations across the U.S. As an engineering-focused organization, Lifoam utilizes advanced computer-aided engineering and thermal molding capabilities to design and validate products, which are then qualified and pre-certified in two ISTA Standard 20 certified labs, equipped with three walk-in and two reach-in thermal testing chambers.
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“This acquisition is a pivotal step in accelerating Altor’s long-term strategy to expand our capabilities, particularly in cold-chain packaging solutions,” said Altor’s CEO Terry Moody. “By acquiring Lifoam, we gain infrastructure, design, and certification capabilities. We believe Lifoam’s specialized expertise will attract new customers and enable us to better serve our existing customers with a broader range of new products and expanded geographic coverage.”
Elias Sabo, CEO of Compass Diversified, added: “This acquisition brings substantial commercial, research and development, and operational expertise to Altor’s offerings. It also expands Altor’s geographic footprint to 23 facilities, enabling us to expand our customer base and enhance our ability to serve customers. Additionally, Lifoam’s track record of equipping its facilities with innovative and cost-saving environmentally friendly measures, as well as its development of Bioffex, a plant-based expanded polystyrene alternative, aligns with Altor and CODI’s broader ESG goals and initiatives. We look forward to the combined company’s continued innovation and growth, which we believe will generate long-term value for CODI stakeholders.”
SOURCE: GlobeNewswire