Arsenal Capital Partners Completes ThermoSafe Acquisition

November 11, 2025

The deal—with the potential to be valued at up to $725 million—positions ThermoSafe for accelerated growth and innovation in temperature-controlled packaging solutions, with Arsenalaiming to expand global reach and technological capabilities.

It’s official: Arsenal Capital Partners, a private equity investment firm, has completed the acquisition of ThermoSafe from Sonoco Products Company for a potentially total of $725 million.1,2 This includes $650 million on a cash-free and debt-free basis, along with the possibility for up to an additional $75 million, based on specific performance requirements for this year being met.

ThermoSafe is recognized as a powerhouse in the cold chain packaging space, a sector that often involves the transport of various biologics, vaccines, and pharmaceuticals. The company houses bio-based insulation materials, along with reusable tech that allows for items to be stored at room temp, refrigerated, or frozen depending on the need.

ThermoSafe’s innovative cold chain solutions and technologies

The company also offers provides design and testing services, innovative packaging technologies—such as the Pegasus ULD, which as has been certified by over a dozen air carriers in the past year3—along with qualification and validation support that is intended to tackle any regulatory requirements that might arise.

"ThermoSafe's leadership in cold chain solutions aligns with Arsenal's focus on partnering with and helping to build businesses that deliver innovation and lasting value," commented George Abd, an operating partner of Arsenal. "With decades of domain and technical expertise in the technology-rich industrial growth sectors, Arsenal is looking forward to partnering with Jim Lassiter and his team to further strengthen ThermoSafe's position as a value-added partner providing innovative solutions to its markets and customers."

ThermoSafe CEO Jim Lassiter, ThermoSafe’s CEO, expressed the importance of the new partnership and the teamwork behind it, noting that, "This strategic partnership with Arsenal will further accelerate ThermoSafe's growth, enabling us to continue to advance our technology and product portfolio to meet the evolving needs of our global customer base," said Jim Lassiter, ThermoSafe’s CEO. "The closing of this transaction is a testament to the caliber and commitment of the teams involved, who have ensured a smooth transition for colleagues and the customers that we serve."

Driving growth and global expansion

Given that Arsenal is experienced in the specialty packaging market, the purchase felt like a natural fit for the team. The firm is highly committed to tackling temperature-related obstacle that could potentially arise.

"We are delighted to work alongside the entire ThermoSafe team as they enter this next chapter of growth, staying true to the mission of addressing cold chain challenges that improve lives," added Matthew Teller, a principal of Arsenal. "Together, we will build on ThermoSafe's strong foundation and reinforce the company's position as a globally trusted strategic supplier of temperature assurance technologies."

Cencora invests $1 billion to modernize US distribution network

In cold chain-related news and in the downstream supply chain, Cencora—considered one of the pharma industry’s “Big Three” drug wholesalers—announced plans to financially upwards of $1 billion towards expanding, strengthening, and modernizing its US-based distribution network through the year 2030.4

Plans include opening a 530,000 square-foot national distribution facility in Ohio, representing its second in the state. The center—with an expected Spring 2027 completion date—will be welcoming advanced automation technology, including robotic handling systems, artificial intelligence and autonomous mobile robots, with a goal of increasing the efficiency and reliability of supply chain processes.

The wholesaler also plans on growing its presence in Alabama and California to boost capacity, improve efficiency, and enhance resilience of its national distribution network.

“We’re committed to delivering an industry-leading customer experience, and that starts with listening to our customers, anticipating their needs and making strategic investments to ensure we can provide the exceptional service they expect,” said Rich Tremonte, executive vice president and president, US pharmaceuticals and animal health at Cencora. “As demand continues to grow and more specialty pharmaceuticals reach the market, the investments we’re making today will strengthen our ability to support our customers’ current and future needs, enabling them to continue delivering high-quality patient care in their communities.”

References

1. Arsenal Capital Partners Completes Acquisition of ThermoSafe. PR Newswire. November 3, 2025. Accessed November 11, 2025. https://www.prnewswire.com/news-releases/arsenal-capital-partners-completes-acquisition-of-thermosafe-302603037.html

2. Sonoco Completes Sale of ThermoSafe Unit to Arsenal Capital Partners. Sonoco. November 3, 2025. Accessed November 11, 2025. https://investor.sonoco.com/news/news-details/2025/Sonoco-Completes-Sale-of-ThermoSafe-Unit-to-Arsenal-Capital-Partners/default.aspx

3. Basta N. The Hot Market for Cold Chain Services. Pharmaceutical Commerce. April 15, 2025. Accessed November 11, 2025. https://www.cms.gov/newsroom/press-releases/cms-announces-new-drug-payment-model-strengthen-medicaid-better-serve-vulnerable-americans

4. Jacobus N. Cencora Reveals $1 Billion Investment Plan Enhancing US-Based Distribution Network. Pharmaceutical Commerce. November 5, 2025. Accessed November 11, 2025. https://www.pharmaceuticalcommerce.com/view/cencora-billion-investment-enhancing-us-based-distribution-network

Arsenal Capital Partners Completes ThermoSafe Acquisition

ThermoSafe’s innovative cold chain solutions and technologies

Driving growth and global expansion

Fast facts

Cencora invests $1 billion to modernize US distribution network