Tower Announces Funding for Major Expansion, Rental Fleet To Expand 400%

Stay up to date
Tower Announces Funding for Major Expansion, Rental Fleet To Expand 400%
London, April 28th, TOWER Cold Chain Solutions, innovative providers of cold-chain packaging solutions to the pharmaceutical industry, is delighted to confirm the closure of a significant new funding initiative, worth £6m+, backed by Investec

TOWER’s range of modular cold-chain containers, capable of maintaining pallet-sized consignments at specified temperatures for 120 hours plus, has been making rapid inroads into the demanding and rapidly-expanding pharmaceutical supply chain. The containers are rented through a global network of hub partners and offer market-leading standards of product protection allied to dramatic cost efficiencies

Niall Balfour, Managing Director of TOWER, commented, “This initiative, led by TOWER’s major shareholders Just Arne Storvik and Tor Erland Fyksen, delivers the financial package that the company has been crying out for. We know that we are offering a uniquely-effective product in this highly-competitive and fast-moving marketplace, our only problem has been how to make enough containers to satisfy demand

“Now we can turn to our customer base, which already includes many of the world’s leading pharmaceutical manufacturers, with real confidence and present ourselves as serious strategic partners

“We believe that the combination of utter reliability and extreme cost-effectiveness that our products offer, backed by a superb customer-relations team, will deliver savings to our customers not just in terms of reductions in product loss and non-compliances, but also in respect of major reductions in freight costs”

Jonathan Wynn at Investec, said “We see the increasing global focus of sustainability as a huge catalyst for an accelerated take-up of the proven technology in TOWER’s reusable cold-chain solutions

This capital injection by Investec’s Private Capital team is not just a one-off transaction, but a first step in bringing Investec’s full toolkit to support TOWER on its growth journey”

Gregg Pietersen of Investec added “from our first meetings we recognized TOWER as a fantastic opportunity. The sudden deterioration in the economic backdrop, and the logistical challenges brought about by the coronavirus lockdown, presented a host of unique completion challenges which we overcame together. We are delighted to be partnering with Just Arne, Tor Erland and TOWER”

To read the full press release click here: