Henan Bingxiong Refrigerated Truck Co Ltd (Ice Bear) has raised a new round of financing led by Baird Capital Partners Asia CCI and its portfolio company Great Dane.
The capital will support the expansion of Ice Bear’s manufacturing facilities in Henan and Shanghai, China, as well as the company’s growing domestic customer base. As part of the investment, Ice Bear will leverage Great Dane’s global operating resources and engineering talent to grow its market position in the domestic Chinese market.
Established in 1993, Ice Bear manufactures insulated and refrigerated trucks designed to carry perishable freight at specific temperatures. The company has a leading market share position in China, with a diversified national customer base and supported by a large national sales networks.
The cold supply chain market in China is underdeveloped compared with developed countries. In China, most perishable foods—such as meat, fruits, vegetables, dairy, and soybean products—are shipped by non-refrigerated trucks. Lack of effective cold supply chain systems in China results in an estimated 20% to 40% food spoilage loss, valued at more than US $65 billion annually. Rising income levels and higher food safety demands by both the Chinese government and consumers are expected to drive a more sophisticated cold supply chain and the need for refrigerated trucks.
As part of the transaction, Dean Engelage of Great Dane and Brett Tucker of Baird Capital Partners Asia will join the Ice Bear board of directors.
Great Dane, a manufacturer of refrigerated, dry van, and platform trailers as well as refrigerated truck bodies, is headquartered in Chicago IL. It has corporate offices in Savannah GA with manufacturing plants and a parts distribution center strategically located throughout the United States. The company can be accessed online at www.greatdanetrailers.com.
