SHANGQIU, Henan Province, China — Great Dane has struck up a new partnership with Henan Bingxiong Refrigerated Truck Co. – otherwise known as Ice Bear – a manufacturer of insulated and refrigerated trucks. As part of the partnership, Ice Bear officials say they will leverage Great Dane’s global operating resources and engineering talent to grow the company’s position in the domestic Chinese market.
As part of the announcement, Ice Bear officials say the company has also partnered with Baird Capital Partners Asia and CCI.
“We are excited to have Baird, CCI and Great Dane as partners as we continue to grow our business,” said Jianqing Lu, CEO, president and chairman of the board at Ice Bear. “The global relationships, operating resources and industry expertise of these investors make them a significant asset for our company and our customers.”
“We are thrilled to be investing in Ice Bear alongside Baird,” said Bill Crown, president and CEO of Great Dane. “Mr. Lu and the entire Ice Bear team have built a leading company in the China market. Our leading market position in the refrigerated truck and trailer market will allow us to bring enormous resources to Ice Bear, and help them capitalize on the growing need for cold chain solutions in China.”
“For the last three years we have been working closely with Great Dane and CCI on identifying opportunities in the cold chain industry in China,” said Brett Tucker, partner at Baird Capital Partners Asia. “We believe Great Dane’s wealth of operating and industry experience, combined with our on-the-ground investment and operating team in China, will bring significant value to Ice Bear. We look forward to working with Ice Bear management to accelerate the company’s growth and expand its market leadership.”
As part of the transaction, Tucker and Dean Engelage of Great Dane will join the board of directors at Ice Bear.