New York, NY – Millrock Technology, Inc. (“Millrock”) of Kingston, NY, a developer of freeze-dryers designed specifically for the pharmaceutical and biotech drug industries, has been recapitalized by Intuitis (“Intuitis”) of Rye, NY and JMC Investment LLC (“JMC”) of New York, NY. Sperry, Mitchell & Company initiated this transaction, assisted in the negotiations, and served as exclusive financial advisor to Millrock. T.N. Thompson, Founder of Millrock, will continue as Chief Executive Officer and remains a significant shareholder alongside Intuitis and JMC in the new equity structure.
T.N. Thompson, Founder and CEO of Millrock, said, “I am delighted to welcome high quality partners like Intuitis and JMC as new shareholders and board members. Their teams’ experience and aligned cultures bring new energy to support our growth and success. Our industry is booming, and with our continued focus on engineering and service, we are extremely well positioned to meet our customers’ growing needs and are better able to exceed their expectations.”
Nicolas Delcourt, Founding Partner of Intuitis, added, “In Millrock, we see an outstanding company with very talented individuals, cutting-edge technologies, and decades of operational expertise. We believe our broad experience and support can be the catalysts that help the Millrock team bring the company to the next level by further institutionalizing its operations while innovating and expanding into new markets and customers.”
Jean-Marie Painvin, Founder & CEO of JMC, said, “Millrock is a technological leader that differentiates itself with superior customer solutions and quality. This gives customers access to more reliable and easier-to-use data to enable a better freeze-drying process. We are excited to partner with Millrock and the management team to continue supporting the company’s future.”
Millrock Technology (www.millrocktech.com) is a leading developer of freeze-dryers designed specifically for pharmaceutical and biotech drug R&D and manufacturing. Using advanced lyophilization technology, Millrock’s line of freeze-dryers allow their customers to effectively and efficiently stabilize their products.
Intuitis (www.intuitis.us) is a multi-family investment office that focuses on the lower-middle market and provides long-term equity as well as strategic guidance to its privately owned portfolio companies. Its partners boast a wide range of operational and private equity experience.
JMC Investment (www.jmc-investment.net) is a family investment office focused on investing in small and mid-sized privately owned growth companies. JMC is based in New York and seeks to invest with a long-term outlook on performance and an engaged partnership style.
Sperry, Mitchell & Company (www.sperrymitchell.com) is an investment banking firm specializing in sell-side, middle-market merger and acquisition advisory services. Since the firm’s founding in 1986, Sperry Mitchell has completed hundreds of transactions in a wide range of industries, with values ranging from $10 to $450 million.