Sikich Investment Banking acted as the exclusive sell-side adviser to PakSense, a Boise, Idaho-based company that designs and produces temperature monitoring solutions, in its acquisition by Emerson, a global manufacturing and technology company based in St. Louis. PakSense was individual investor-backed prior to the sale.
PakSense will become part of Emerson’s new cargo solutions business, which aims to help customers tackle cold chain challenges and minimize food waste.
“PakSense will have access to significant resources as part of the Emerson family, which should help accelerate the impressive growth the company has experienced thus far,” said Kurt Estes, director at Sikich Investment Banking. “We are excited to have helped facilitate this transaction and look forward to the innovations and growth that we expect to develop from this partnership.”
PakSense’s products track and record data on the environmental condition of products in transit. This includes wireless temperature monitoring systems as well as data loggers that can be pre-programmed to specific temperature ranges.
“PakSense will be joining a respected Fortune 500 company with a strong interest in helping customers preserve food and eliminate food waste,” said PakSense CEO David Oster. “PakSense and Emerson make for a very strong partnership because we are perfectly compatible in the services we provide to retailers and the cold chain. We are also very pleased with the outcome of this transaction and our relationship with Sikich Investment Banking that helped us achieve this remarkable outcome for both ourselves and Emerson.We found the Sikich team to be highly professional, easy to work with and mutually focused upon achieving our highest goals for such a transaction."
Emerson, which serves shipping and trucking companies as well as refrigerated container manufacturers, has advanced the use of connected technologies to monitor and analyze temperature implications of the supply chain.
Deal terms were not disclosed.