FTS Systems, Inc. (FTS) was a manufacturer of precision thermal control systems serving the pharmaceutical, biotechnology, and industrial market.
The Company was founded in 1970 and was operated by its original founders until it was sold to Protean PLC in 1996. After several other ownership changes, the parent Company of FTS (Celerity Inc.) was acquired in a transaction led by the Texas Pacific Group, a private equity group. FTS was an orphan asset within Celerity, which focused on providing advanced gas and liquid delivery solutions for the global semiconductor, solar and electronics industries.
Celerity engaged Carter Morse & Mathias as exclusive advisor to manage the divestiture of FTS. Celerity sold FTS to SP Industries, a global supplier of laboratory-to-production scale freeze dryers marketed under the well-known brands of VirTis® and Hull®. FTS and SP Industries were direct competitors at the time, located within 30 miles of each other along the Hudson Valley in New York.