United States-based temperature-controlled warehousing and transportation giant Americold has entered a deal to buy privately-held Cloverleaf Cold Storage for US$1.24 billion.
Cloverleaf, founded in 1952 and based in Sioux City, Iowa, is the fifth largest cold storage provider in the US by refrigerated cubic feet and serves over 360 customers.
The acquisition consists of 22 facilities totalling 132 million refrigerated cubic feet located in nine states in the central and south-eastern US.
The acquisition positions Americold as a global leader of temperature-controlled infrastructure and logistics. The company owns and operates over 175 warehouses with more than one billion cubic feet of storage in the US, Australia, New Zealand, China, Argentina, and Canada.
Americold Realty Trust president and chief executive Fred Boehler says he welcomes Cloverleaf to the Americold family.
“We have long admired Cloverleaf, the families that founded them and the associates that helped earn them a great reputation in our industry.
“We will accelerate and enhance Cloverleaf’s recently implemented initiatives by leveraging Americold’s commercial platform, institutional quality management and the Americold operating system,” Boehler says.
Bank of America Merrill Lynch and Goldman Sachs are acting as exclusive financial advisors to Americold and King & Spalding LLP is acting as legal advisor.
Wells Fargo and Deutsche Bank are acting as exclusive financial advisors to Cloverleaf and Kirkland & Ellis LLP is acting as legal advisor.
