Brooks Automation acquires Cool Lab for $9M
Brooks Automation announced that it has acquired Cool Lab, a subsidiary of BioCision. Cool Lab provides a range of innovative, patented, and/or patent-pending applications for sample cooling and freezing, controlled rate freezing, portable cryogenic transport and archival storage solutions for customers' temperature sensitive workflows. The company reported that Cool Lab products generated approximately $5M last year. The acquisition of Cool Lab by Brooks is in exchange for a cash payment of approximately $5M and non-cash consideration with a carrying value of approximately $9M, subject to the customary settlement of working capital amounts. The non-cash consideration given by Brooks includes the redemption and repurchase of its equity ownership interest in BioCision and the cancellation of the convertible debt securities, the term notes, and related interest receivables.