Blackstone (NYSE: BX) announced today that funds managed by Blackstone Tactical Opportunities (“Blackstone”) have entered into a definitive agreement to make a significant, strategic investment in Life Science Logistics (“LSL” or the “Company”), a leading, national provider of healthcare supply chain solutions.
The investment is intended to help accelerate LSL’s continued expansion within the fast-growing pharmaceutical and medical device market as it opens new facilities and further increases its customer base in the years ahead.
Ram Jagannath, Global Head of Healthcare at Blackstone, and Todd Hirsch, a Senior Managing Director at Blackstone, said: “We are excited to partner with Richard and his team as they embark on their next stage of expansion – leveraging our firm’s global scale, resources and operational expertise to better serve their customers. LSL sits at the intersection of two of Blackstone’s highest-conviction, firmwide investment themes – rapid advancement of life sciences innovation and next-generation logistics. The current environment has clearly demonstrated the critical need for resilient, high-quality healthcare supply chain solutions – and we look forward to helping accelerate the growth of a leader in this sector.”
Founded in 2006 and headquartered in Dallas, Life Science Logistics is a leading third-party healthcare logistics provider with more than 600 employees and 4 million square feet of warehousing and logistics space within 12 controlled-temperature (20-25 degrees Celsius) and cold chain (2-8 degrees Celsius) storage and distribution locations across nine states – from Dallas to New York to Seattle and other major hubs. The company partners with governments, global pharmaceutical and biotechnology companies and medical device providers to deliver end-to-end supply chain solutions and emergency preparedness infrastructure services across the U.S.
Richard Beeny, Founder and CEO of LSL, said: “With unrelenting demand for high-quality, flexible, FDA-compliant healthcare supply chain solutions in recent years, LSL has seen exponential growth from coast to coast. Now, with Blackstone’s investment and partnership, we’re thrilled to see what the future will hold and to bring their deep resources to bear for our customers.”
Read more/Source: Business Wire
