Baird Capital invests in Chinese refrigerated trucks manufacturer
Baird Capital Partners Asia, the China-focused private equity fund of Baird Private Equity, has invested in Chinese truck maker Henan Bingxiong Refrigerated Truck (also known as Ice Bear).
CC Industries (CCI), the management company for a group of industrial companies in the transportation and food processing equipment industries, also participated in the funding round. So did CCI portfolio company Great Dane, a US manufacturer of dry van, refrigerated, platform trailers and refrigerated truck bodies.
Established in 1993, Ice Bear manufactures insulated and refrigerated trucks for carrying perishable freight at specific temperatures. In China, most perishable foods are shipped by non-refrigerated trucks as the cold supply chain market is underdeveloped, resulting in 20-40% food spoilage loss with value at over $65 billion annually.
The capital will support the expansion of Ice Bear's manufacturing facilities in Henan province and Shanghai to tap the company's growing domestic customer base.
"We are excited to have Baird, CCI and Great Dane as partners as we continue to grow our business," said Jianqing Lu, CEO of Ice Bear. "The global relationships, operating resources and industry expertise of these investors make them a significant asset for our company and our customers."
Brett Tucker, partner at Baird Capital Partners Asia added that the private equity fund has worked closely with Great Dane and CCI for three years on identifying opportunities in the cold chain industry in China. The combination of Great Dane's industry experience and Baird Capital's on-the-ground investment team is expected to accelerate the Ice Bear's growth and expand its market leadership.
Dean Engelage of Great Dane and Brett Tucker of Baird Capital Partners Asia will join the Ice Bear Board of Directors as part of the transaction.
Baird Capital Partners Asia has previously invested in Beijing ADG Scaffolding Engineering, contract pharmaceutical research firm Frontage Laboratories, clinical testing service provider Kindstar, and valve and fittings manufacturer Xinghe Valve.
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