Source: Atlanta Business Chronicle
Atlanta-based cold storage giant Americold Realty Trust said Tuesday it will buy privately held Agro Merchants Group, the fourth largest temperature-controlled warehouse company globally, for $1.74 billion.
Americold (NYSE: COLD) is the world’s largest publicly traded real estate investment trust focused on the ownership, operation, acquisition and development of temperature-controlled warehouses.
Agro is the third largest in Europe, and the fourth largest in the United States, and serves over 2,900 customers across a diverse spectrum of commodities. Agro’s portfolio consists of 46 facilities, totaling 236 million refrigerated cubic feet, located in 10 countries and will be a strong complement to Americold’s existing global network, Americold said.
Upon closing, Americold’s portfolio, including owned and managed sites, will consist of 229 facilities totaling approximately 1.35 billion refrigerated cubic feet, with a global network spanning four continents.
Agro is now owned by an investor group led by funds managed by Oaktree Capital Management L.P.
The deal is part of a wave of acquisitions in the consolidating cold-storage industry as the largest cold warehouse giants gobble up other companies in a bid to build end-to-end logistics networks that reach globally.