Dinsmore Advises Leading ULT Freezer Company Stirling Ultracold in Merger with BioLife Solutions
Dinsmore & Shohl LLP served as counsel to Stirling Ultracold, a division of Global Cooling, Inc., in its all-stock merger with BioLife Solutions, Inc. in excess of $225 million.
Dinsmore partner Christian Gonzalez represented Stirling Ultracold as lead counsel. The innovative company manufactures and sells proprietary, environmentally sustainable ultra-low-temperature (ULT) freezers for the global life sciences market, which are vital technology for the storage and transportation of COVID-19 vaccines.
“It’s been a pleasure to work alongside Stirling’s management and board throughout this transaction,” Gonzalez said. “Given all of the obstacles that 2020 brought, I was continually impressed with how management and the board maneuvered through these difficult times. I was proud to be part of the team advising Stirling Ultracold as it continued to meet each challenge and succeed in addressing market and other demands. I am excited to see how the company continues to grow under the umbrella of BioLife.”
Dinsmore’s deal team of Gonzalez, Jacqueline Painter, Danielle Cortez and Amanda Jones was assisted by 11 other attorneys from the firm’s corporate governance, taxation, antitrust, securities enforcement, labor, intellectual property, benefits, litigation and insurance practice groups. The team advised Stirling as it negotiated the complex engagement and navigated significant employment issues stemming from the pandemic.
“The entire team at Dinsmore was, by far, the best engagement I have had in the 15-plus strategic transactions I have done throughout my career,” said previous Stirling Ultracold CEO Dusty Tenney, now COO and president at BioLife. “Their responsiveness, engagement, availability and deal leadership were extraordinary from LOI to closing.”
The deal closed on May 3. Stirling Ultracold will merge into BioLife Solutions and provide a full suite of products and services to address the global life sciences, cell and gene therapy markets.