Jadex, a US-based manufacturer and material sciences company, has agreed to divest its subsidiary Lifoam Industries for $137m in cash.  

The company is being acquired by Altor Solutions, a subsidiary of Compass Diversified. 

Lifoam manufactures temperature-controlled packaging products such as thermal shippers and refrigerant gel packs for healthcare, commercial, and retail customers. 

The company has expanded its presence in the healthcare and food-related cold chain shipping markets in the past few years. 

Lifoam’s Bioffex, a polylactic acid-based bead foam, is claimed to be commercially compostable in less than four weeks. 

Jadex plans to use proceeds from the divesture to pay off debt and invest in remaining business areas. 

Jadex CEO Mario D'Ovidio said: "We are honoured to have been part of Lifoam's growth story and are immensely proud of how it has expanded its customer base and developed innovative products with eco-friendly, sustainable capabilities while part of Jadex. 

"We believe that Lifoam is well-positioned to succeed as part of Altor, a pure-play protective and cold chain packaging solutions business." 

Jadex specialises in manufacturing sustainable product development across various markets, including the medical, industrial, and consumer sectors.  

It offers plastic and biobased cutlery, custom-designed plastic components, engineered nylon resins and monofilaments, and others. 

Operating from 18 manufacturing facilities in the US, the UK, and Puerto Rico, Jadex employs approximately 1,800 individuals.