Stoic Holdings has acquired Store It Cold, a provider of cooling technology used in the walk-in cooler industry.
Store It Cold’s primary product is the CoolBot, a patented device that is used to create a low-cost walk-in cooler using a standard window or mini-split air conditioner. CoolBots are used in the agricultural, floral, brewing, dairy, grocery, seafood, restaurant, hunting, wine and transportation markets. Since founding in 2007, Store it Cold has sold over 27,000 CoolBots across 58 countries (www.storeitcold.com).
In buying Store It Cold, Stoic Holdings partnered with the existing owners and the senior management team to complete the transaction, including founder Ron Khosla, who will be active with technical development of the CoolBot post closing. “I developed this technology as a small farmer who needed an affordable cold storage solution for my harvest,” said Mr. Khosla. “After many years of success, we are excited to partner with Stoic as we scale the business and continue to deliver high-quality cooling solutions to our customers.”
“Since founding in 2007, Store It Cold has earned its reputation for superior product performance, a strong customer value proposition, and exceptional customer service by manufacturing an outstanding product that cost effectively serves its customers’ cooling needs,” said Ryan Berk, a partner at Stoic. “We are excited to partner with Store It Cold and support its next phase of growth.”
Stoic Holdings invests in lower middle market companies that have operating income of $1 million to $10 million. Sectors of interest include manufacturing and industrial services; niche distribution and logistics; specialty materials; business services; testing and inspection; seafood and agribusiness; environmental services; aerospace and defense; and healthcare services. Stoic was founded in 2014 by Ryan Berk and Michael Dworkis and is headquartered in Denver (www.stoicholdings.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 10-27-15