An undisclosed buyer entered into a Stock Purchase Agreement to acquire Global Cooling, Inc. from BioLife Solutions, Inc. for $2.6 million.
April 17, 2024
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An undisclosed buyer entered into a Stock Purchase Agreement to acquire Global Cooling, Inc. from BioLife Solutions, Inc. (NasdaqCM:BLFS) for $2.6 million on April 17, 2024. aggregate purchase price of $1 and transaction required $7 million in cash to remain on the balance sheet of GCI and the repayment of $2.6 million in GCI long-term debt. In connection with the BioLife Solutions, Inc.?s entry into the Purchase Agreement, the BioLife Solutions, Inc. implemented a reduction in force related to the business of Global Cooling, which will reduce the BioLife Solutions, Inc.?s workforce by approximately 47 employees (representing approximately 11% of its full-time employees). The BioLife Solutions, Inc.?s Board of Directors approved the reduction in force on March 29, 2024, and all affected employees were informed on April 17, 2024, following the execution of the Purchase Agreement.
An undisclosed buyer completed the acquisition of Global Cooling, Inc. from BioLife Solutions, Inc. (NasdaqCM:BLFS) on April 18, 2024. David Zimbalist, Molly Kathleen of EC M&A acted as sell-side exclusive financial advisor to BioLife Solutions, Inc(NasdaqCM:BLFS).
BioLife Solutions, Inc. is a supplier of cell processing tools and services for the cell and gene therapy (CGT) and broader biopharma markets. Its expertise facilitates the commercialization of new therapies by supplying solutions that maintain the health and function of biologic materials during collection, development, storage and distribution. Its biopreservation media products, HypoThermosol FRS and CryoStor Freeze Media, are formulated to mitigate preservation-induced, delayed-onset cell damage and death which result when cells and tissues are subjected to reduced temperatures. Its bioproduction tools portfolio includes human platelet lysates for cell expansion. It is a provider of biological and pharmaceutical storage and cold chain logistics. Its monitoring systems allow customers real time tracking of the storage temperatures of their materials throughout the logistics process. It operates about five storage facilities in the United States and one facility in the Netherlands.
BIOLIFE SOLUTIONS, INC. 
