Thermosafe acquired by Arsenal Capital Partners

UNITED STATES Chemicals & Materials / Packaging & Containers EV $500M–1.5bn

Context

Arsenal Capital Partners completed the acquisition of ThermoSafe from Sonoco Products Company. The deal represents a full‑control buy‑out of ThermoSafe, with the seller exiting the cold‑chain packaging segment and simplifying its portfolio around core metal and paper consumer and industrial packaging businesses. The temperature‑controlled packaging business is deeply embedded in the pharmaceutical and biologics value chain, serving high‑value, highly regulated shipments where product integrity and temperature control are critical. Arsenal positions the transaction as a strategic platform play within its middle‑market specialty‑industrial and healthcare vertical, aiming to leverage its prior experience in the packaging and industrial materials sectors to accelerate ThermoSafe’s growth through expanded geographic reach, product‑line innovation, and operational improvements. The firm also plans to support the existing management team led by CEO Russell Grissett, reinforcing continuity while professionalizing governance and commercial capabilities to capture further share in a global cold‑chain packaging market projected to grow at a double‑digit CAGR over the next decade.

Thermosafe, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, standing directly in line with the average observed in the Industry & Manufacturing sector (11.3x in 2025).

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Target

ThermoSafe is a specialty industrial company that provides temperature‑controlled packaging systems for the transportation of pharmaceuticals, biologics, vaccines, and clinical supplies. Headquartered in Arlington Heights, Illinois, near Chicago, the group operates additional facilities in France, India, and Brazil, giving it a transatlantic and emerging‑market footprint aligned with global healthcare logistics. The company’s product portfolio includes parcel shippers for single‑ and multi‑dose medications, reusable shippers for repeated cold‑chain use, and bulk transport systems for pallet‑sized, temperature‑assured shipments, all engineered to maintain precise refrigerated, frozen, and controlled room‑temperature conditions throughout the supply chain. ThermoSafe also offers design, testing, and regulatory compliance services through its ISC Labs division, enabling customers to validate and optimize packaging for complex life‑science applications.

Ent. Value

$500M–1.5bn

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (USD)

Year

Rev

EBITDA

EBIT

2024

2023

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REFERENCES

Valuation range: EV $500M–1.5bn

Revenue range: $150–250M

EBITDA range: $50–100M

EV/Revenue range: 2x - 6x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Thermosafe by Arsenal Capital Partners are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Acquirer: arsenal capital partners

FAQ

What transaction does this page cover?

This page covers Arsenal Capital Partners’s acquisition of 100% of Thermosafe, an American company specialised in Packaging & Containers, in 2025, structured as a leveraged buyout (LBO).

How was the acquisition of Thermosafe by Arsenal Capital Partners valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the $500M–1.5bn band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 2x - 6x range. Exact figures are available to members.

What were Thermosafe’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Thermosafe generated annual revenue estimated in the $150–250M range and EBITDA in the $50–100M bracket (FY 2024). Detailed financial figures are available to members.

How does the valuation of Thermosafe compare to benchmarks in the Industry & Manufacturing sector?

With an estimated multiple range of 10x - 18x, the transaction stands directly in line with historical averages for the Industry & Manufacturing sector (11.3x in 2025).

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

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