Stoic Holdings has acquired a majority of Store It Cold. Financial terms weren’t announced. Store It Cold makes CoolBot™, a patented device that enables users to create cold storage solutions using standard home air conditioners.
DENVER, Oct. 26, 2015 /PRNewswire/ — Stoic Holdings, a Denver, Colorado private equity firm, today announced the acquisition of a majority interest in Store It Cold, a leading provider of cooling technology to the walk-in cooler industry.
Store It Cold’s primary product is the CoolBot™, a patented device that enables users to create a low-cost walk-in cooler using a standard window or mini-split air conditioner. Customers use CoolBots to address their cooling needs in a variety of industries, including in the agricultural, floral, brewing, dairy, grocery, seafood, restaurant, hunting, wine and transportation markets.
Stoic Holdings partnered with the existing owners and the senior management team to complete the transaction, including founder Ron Khosla, who will focus his role going forward on the continued technical development of the CoolBot. “I developed this technology as a small farmer who needed an affordable cold storage solution for my harvest,” said Ron Khosla. “After many years of success, we are excited to partner with Stoic Holdings as we scale the business and continue to deliver high-quality cooling solutions to our customers.”
“Since its 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, Partner at Stoic Holdings. “We are excited to partner with Store It Cold and support its next phase of growth.” Stoic Holdings Partners Ryan Berk and Michael Dworkis will both join the Store It Cold executive team.
About Store It Cold: Store It Cold is the manufacturer of CoolBot™, a patented device that enables its users to create affordable cold storage solutions using standard home air conditioners. Since its founding in 2007, Store it Cold has sold over 27,000 CoolBots across 58 countries. For more information, please visit www.storeitcold.com.
About Stoic Holdings: Stoic Holdings is a private investment firm formed by Ryan Berk and Michael Dworkis in 2014. Stoic’s goal is to build long-term value by making concentrated investments in excellent businesses and taking an active role in their management. For more information, please visit www.stoicholdings.com.