Artemis Capital Partners Expands Its Portfolio with Millrock Technology Acquisition

On September 30, 2025, Artemis Capital Partners, a Boston-based private equity firm, announced a significant addition to its portfolio with the acquisition of Millrock Technology Inc. This strategic move focuses on advancing their commitment to the life sciences, aerospace, and defense sectors. Millrock is renowned for its innovative solutions in lyophilization instrumentation, a critical component in the pharmaceutical and biotech industries.

The Expertise of Millrock Technology

Millrock Technology has been a trusted partner for over 20 years, providing essential lyophilization equipment and process development solutions to a diverse clientele, including pharmaceutical firms, biotechnology companies, and diagnostics service providers around the globe. Their cutting-edge lyophilization systems support various applications, from diagnostics to personalized medicine and advanced therapeutic development. These sophisticated instruments enable clients to preserve the integrity and efficacy of their products, thereby accelerating the delivery of crucial therapies to patients worldwide.

Bill Pezza, Operating Partner at Artemis, expressed that the partnership between Artemis and Millrock is a natural alignment. He stated that their extensive experience in scaling industrial technology companies in the life sciences sector, combined with Millrock's exceptional lyophilization solutions, presents exciting opportunities for growth and expanded capabilities. This collaboration aims to deliver enhanced value to customers focusing on the next generation of biologics, vaccines, and diagnostics.

Commitment to Global Health Outcomes

The founder of Millrock, T.N. Thompson, emphasized the importance of choosing Artemis as a partner due to their profound understanding of Millrock's technology and market. With a shared vision of improving global health outcomes, the partnership is poised to accelerate scale and technical capabilities while remaining committed to its mission of aiding life science innovators in delivering critical therapies to patients in need.

Cheryl Xiang, Vice President at Artemis, shared her enthusiasm by mentioning that Millrock perfectly aligns with the firm's goal of partnering with transformative companies. By focusing on lyophilization, which is increasingly essential for ensuring the safety and efficiency of advanced therapeutic solutions, Millrock's products contribute directly to enhancing worldwide health standards.

Future Prospects

Under Artemis' ownership, Millrock will operate as an independent entity, headquartered in Kingston, NY, while serving a broad customer base. The firm is committed to further investing in the organization's technical expertise and operational capacity to foster long-term growth across the life sciences value chain.

Artemis has engaged Morgan, Lewis & Bockius as legal advisors, with Baird acting as strategic advisor for this acquisition. Meanwhile, Millrock benefits from the advisory services of Sperry, Mitchell Company for financial advice and Seward & Kissel LLP for legal guidance.

About Millrock Technology

Millrock Technology Inc. specializes in the development of freeze-drying (lyophilization) instrumentation and process solutions tailored for the pharmaceutical, biotech, and diagnostics industries. Their focus on laboratory, pilot, and production-scale lyophilizers, combined with advanced process control technologies, enhances operational efficiency, regulatory compliance, and scalability. To learn more about their innovative solutions, you can visit Millrock's official website.

About Artemis

Artemis Capital Partners is a specialized private equity firm located in Boston, MA, dedicated to partnering with distinguished Industrial Tech companies. Their commitment entails promoting initiatives that pave the way for a safer, healthier, and more productive world. More information about Artemis is available on their website.