Arsenal Capital Partners Completes Acquisition of ThermoSafe

November 3, 2025

New York, NY & Arlington Heights, IL – Arsenal Capital Partners (“Arsenal”), a leading private equity investment firm that specializes in building market-leading industrial growth and healthcare companies, today announced it has completed the acquisition of ThermoSafe from Sonoco Products Company (“Sonoco”) (NYSE: SON).

Based in Arlington Heights, Illinois, ThermoSafe is a global leader in temperature assurance technologies that ensure the safe and efficient transport of pharmaceuticals, biologics, vaccines, and other healthcare products. Leveraging a network of vertically integrated operations, the company has a vast product portfolio of industry-leading solutions, including bio-based insulation materials and reusable technologies that encompass refrigerated, frozen, or controlled room temperature applications. Through its ISC Labs®, ThermoSafe provides customized design and testing services, innovative packaging technologies, and comprehensive qualification and validation support to meet stringent regulatory requirements.

“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,” said 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.”

“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, CEO of ThermoSafe. “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.”

“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,” said 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.”

Arsenal has deep expertise across specialty packaging and related markets. Current and prior portfolio companies include Airnov Healthcare Packaging, Spartech, POLYWOOD, Revolution, and Chroma Color Corporation.

Raymond James acted as lead financial advisor to Arsenal and Kirkland & Ellis LLP served as legal counsel to Arsenal. Morgan Stanley & Co. LLC acted as financial advisor to Sonoco and Freshfields LLP served as legal counsel to Sonoco.

About ThermoSafe:

ThermoSafe is a global leader in temperature assurance technologies, delivering innovative systems that ensure the safe and efficient transport of pharmaceuticals, biologics, vaccines, and other healthcare products. ThermoSafe’s comprehensive portfolio – ranging from parcel shippers to bulk and reusable solutions are designed to maintain precise refrigerated, frozen, and controlled room temperature conditions. Through its ISC Labs®, ThermoSafe provides customized design and testing services, innovative packaging solutions, and comprehensive qualification and validation support to meet stringent regulatory requirements. With decades of experience and a commitment to sustainability, ThermoSafe partners with the world’s leading healthcare and life sciences organizations to solve cold chain challenges and improve patient outcomes. For more information, visit www.thermosafe.com.

About Sonoco:

Founded in 1899, Sonoco is a global leader in value-added, sustainable metal and fiber consumer and industrial packaging. Sonoco is a multi-billion-dollar enterprise with approximately 23,400 employees working in 285 operations in 40 countries, serving some of the world’s best-known brands. Guided by its purpose of Better Packaging. Better Life., it strives to foster a culture of innovation, collaboration and excellence to provide solutions that better serve all stakeholders and support a more sustainable future. In 2025, Sonoco was named one of America’s Most Admired and Responsible Companies by Newsweek and by USA TODAY’s list of America’s Climate Leaders. For more information, visit www.sonoco.com.