FORT COLLINS — Nitrocrete LLC, a company that developed techniques to control concrete temperatures with liquid nitrogen, has sold most of its assets to an affiliate of Magnolia,Texas-based Cryogenic Industrial Solutions LLC for $6.5 million.

Nitrocrete filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in Denver, Nov. 18, 2021, citing disruptions from the pandemic negatively affecting its seasonal business model. Nitrocrete and its affiliates held liabilities ranging from about $7 million to about $13 million, with a shared liability of $7.2 million owed to Zions Bancorporation N.A.

The company in December filed a motion seeking to sell its assets at auction, later identifying Nitrocrete Acquisition LLC, an affiliate of Cryogenic Industrial Solutions, as a stalking-horse bidder, or pre-arranged bidder. 

The bankruptcy court approved the sale procedures in early January, with an auction taking place Jan. 20. The competitive auction led Nitro Acquisition to double its starting bid of $3 million. A sale order was approved by the Colorado bankruptcy court Jan. 25 authorizing the sale of substantially all assets, and the deal closed Jan. 31.

Nitrocrete’s bankruptcy was later converted from Chapter 11 reorganization to Chapter 7 liquidation.

Representatives from Nitrocrete and its affiliates could not be reached for comment.

Nitrocrete launched in Fort Collins in 2017 with techniques that cooled concrete at batch plants with liquid nitrogen. Use of liquid nitrogen processes rather than traditional ice processes can enable more precise temperature control when pouring concrete in hotter temperatures.

SSG Advisors acted as investment banker to Nitrocrete and its affiliates in the asset sale.