Farrar Scientific, a leader in ultra-low temperature control for biopharmaceutical and other life science industries, has been sold to Trane Technologies (NYSE: TT), a global climate solutions provider to buildings, homes, and transportation industries.
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 can provide an alternative to large-scale freezer farms or capital-intensive cold rooms used in manufacturing of drugs, vaccines and other biological products.
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.
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.
EC M&A acted as Co-M&A advisor to Farrar Scientific on this transaction.