New York, October 19, 2021 – Behrman Capital, a private equity investment firm based in New York, today announced that it has reached a definitive agreement to sell its portfolio company Pelican Products, Inc. (the “Company”), including the Peli BioThermal division, to Platinum Equity. Financial terms of the transaction were not disclosed.
Headquartered in Torrance, California, Pelican Products is a global manufacturer of highly engineered protective cases and lighting products for a wide variety of consumer, commercial, industrial, bio-pharmaceutical, and government end markets. Its Peli BioThermal division offers the widest range of temperature-controlled, thermally-protected packaging and service solutions to the global life sciences industry. Over its 45-year history, the Company has established its market leadership with a comprehensive portfolio of high-value, mission-critical solutions for every kind of use, as well as a deep commitment to providing customers around the world with quality products and services.
Grant G. Behrman, Managing Partner of Behrman Capital, said: “Pelican has been an exceptional investment for Behrman, and we are very proud of our role in driving the Company’s industry leadership and value creation story. Under our 17 years of ownership, Pelican has completed numerous strategic acquisitions, pioneered innovative new products including temperature-controlled packaging solutions, and expanded its footprint globally. We commend Phil and the team for their excellent work leading Pelican’s expansion efforts and have every confidence the Company is poised for continued success.”
Phil Gyori, President and CEO of Pelican Products, said: “We are very grateful to Behrman Capital for their support and partnership since their initial investment in 2004. The Behrman team’s expertise and resources have been invaluable as Pelican has pursued our strategy to be the global leading protection solutions company. We believe Pelican today is well positioned to drive profitable growth for the benefit of our team and customers around the world, and we look forward to embarking on this next chapter of growth under Platinum’s ownership.”
The transaction is expected to be completed by the end of this year. Credit Suisse served as exclusive financial advisor and Latham & Watkins LLP served as legal counsel to Pelican Products. Gibson Dunn & Crutcher LLP is providing legal counsel and Willkie Farr & Gallagher LLP is providing debt financing counsel to Platinum Equity. BofA Securities is the lead underwriter for the debt financing.
About Behrman Capital
Based in New York City, Behrman Capital was founded in 1991 by Grant G. and Darryl G. Behrman. The firm invests in management buyouts, leveraged buildups and recapitalizations of established growth businesses. The company’s investments are focused in three industries: defense and aerospace, healthcare services, and specialty manufacturing and distribution. The firm has raised $3.5 billion since inception and is currently investing out of its sixth fund. For more information, please visit www.behrmancap.com.
About Pelican Products and Peli BioThermal
Pelican Products, Inc. is the global leader in the design and manufacture of high-performance protective cases, temperature-controlled packaging solutions, advanced portable lighting systems and rugged gear for professionals and outdoor enthusiasts. Their products are used by professionals in the most demanding markets including fire safety, law enforcement, defense / military, aerospace, entertainment, industrial and in numerous outdoor markets. Pelican™ products are designed and built to last a lifetime. The company operates in 25 countries, with 23 international sales offices and twelve manufacturing facilities around the globe. In Europe, the company does business under the name Peli Products, S.L.U.
Peli BioThermal is a division of Pelican Products, Inc., offering the widest range of temperature controlled packaging and service solutions to the global life sciences industry. The division is the recipient of two Queen’s Awards for Enterprise: International Trade in 2018 and Innovation in 2017. The division’s products ensure that delicate biological materials arrive intact and effective, despite exterior environments. Peli BioThermal is dedicated to developing innovative products designed to fulfil the complex needs of the global life sciences industry. The division’s customers benefit from its extensive expertise in ensuring that temperature stability is maintained throughout the distribution chain. The division also offers a complete portfolio of services and software to support end-to-end temperature-controlled packaging asset management.