Cold Jet L.L.C. officials entered into an investment partnership with two financial firms that will help the dry ice technology company grow in the life sciences market and meet demand from manufacturers making operational improvements to achieve sustainability goals.
The Loveland, Ohio-based company's new partners are Seidler Equity Partners, with headquarters in Marina del Rey, Calif., and Stonehenge Partners, a Columbus, Ohio-based private equity fund focused on lower middle market companies.
The partnership will let Cold Jet focus on new product development, take advantage of acquisition opportunities and expand in some business segments, according to Cold Jet President and CEO Gene Cooke III.
Founded in 1988, Cold Jet's two distinct lines of business are centered on the use of dry ice as a so-called blasting medium for manufacturers and a cold-transport medium for food and, more recently, medical products.
Cold Jet provides environmental cleaning, surface preparation and parts finishing systems to plastics processors as well as systems to produce, meter and package dry ice for food and life science applications.
Both lines of the business are poised for growth, Cooke said in a phone interview.
"The real-time maintenance of the tooling used to produce plastic and composite forms is a major application area," Cooke said. "There aren't many alternatives to Cold Jet for cleaning process equipment in place during the manufacturing process without disassembly and without generating any secondary waste stream. That's a foundation of our business now and going forward."
The use of dry ice as a blasting material puts recycled carbon dioxide to work instead of water, which allows companies to meet sustainability goals.