Chart Industries has acquired the microbulk cryogenic tank intellectual property, equipment and other assets from IC Biomedical, a newly formed biomedical cold storage business.
Milton Street Capital, a Houston-based lower middle market private equity firm, yesterday (2nd Nov) announced the simultaneous acquisition of the Life Sciences business of Worthington Industries and International Cryogenics, Inc. These two cryogenic biomedical equipment manufacturers will operate as IC Biomedical which will focus on its cryobiological life science business.
As a result of this cryobiological focus, Chart has today (3rd Nov) acquired the microbulk cryogenic tank business, originally developed by the former Taylor-Wharton.
The acquisition expands Chart’s distribution and storage cryogenic tank product offering for both industrial gas majors and independent distributors, and also provides for an ongoing supply arrangement to provide Microbulk products to IC Biomedical for their non-cryobiological equipment needs. It also adds a unique food processing tank to Chart’s specialty product offering.
Jill Evanko, CEO of Chart, said, “The addition of the former Worthington Taylor-Wharton microbulk tanks to our product offering is another step in our strategy to add complementary equipment to our core, unique cryogenic capabilities.”
“Additionally, it adds another highly engineered specialty product to support our customers in their desire for a one-stop shop, expanding the breadth of our offering on many long-term agreements.”