Investec Backs Up Tower Investment
Tower Cold Chain Solutions, innovative providers of reusable cold-chain packaging solutions to the pharmaceutical industry, is delighted to confirm the closure of a second significant new funding initiative, backed by Investec
Niall Balfour, CEO of TOWER, commented, “This additional investment will fund significant container fleet growth, which demonstrates the confidence that Investec has in TOWER. They are an ideal global partner who have helped accelerate our growth story by providing capital, as well as access to their wider global network. Over the last eight months we have extended our global capabilities with new partner agreements and we expect to develop these further still in 2021.”
TOWER’s range of reusable modular cold-chain containers, capable of protecting a range of payload sizes at recognised market temperature demands for 120 hours plus, has secured its position in the UK, EU and North America. TOWER is also making rapid inroads into APAC and South Africa with several new hub facilities scheduled to open this year.
In 2020 TOWER were amongst the first global cold-chain providers to test and solve the issue of shipping palletised loads at ultra-cold temperatures. During this same period, TOWER introduced innovative internal packaging solutions to its KT400D-60 which allows dry ice to be used across a wide range of primary packaging requirements.
“Distribution of the Covid-19 vaccines poses significant challenges,” said Niall Balfour. “Both in respect of the global nature of the distribution as well as the wide range of temperatures at which vaccines need to be shipped. TOWER is playing an important role in the development process of several vaccines and is ideally positioned to play a similar part in the final distribution. It is a privilege to be able to contribute to this vital project.”
Jonathan Wynn, Investec, commented, “Cost effective cold-chain logistics capacity is such a critical part of an efficient global Covid-19 vaccination program, and we are delighted to support TOWER with additional funding to further boost its fleet of reusable cold chain containers. We look forward to continuing to work closely with TOWER in supporting the business in its next steps of this exciting growth journey.”
Gregg Pietersen, Investec, added, “We are delighted to continue to support TOWER with investment capital to continue building capacity to meet the increasing demand for their products and solutions. Specifically we are seeing significant interest in TOWER’s products and solutions for moving vaccines around the globe in response to the global Covid-19 pandemic. We see the demand factors in the sector within which TOWER operates to remain for a very long time and are very excited about the future of TOWER. We hope that with the efforts of the TOWER team and the capacity to support clients that TOWER will soon become a globally recognised brand and the ‘go-to’ for cold chain storage solutions.”