Americold Realty Trust has agreed to acquire Cloverleaf Cold Storage for the sum of USD1.24bn from Cloverleaf management and an investor group led by private equity funds managed by Blackstone. The closing of the acquisition is subject to customary closing conditions and is expected to occur in the second quarter of 2019.
Founded in 1952 and based in Sioux City, Iowa, Cloverleaf is the fifth largest cold storage provider in the US by refrigerated cubic feet and serves over 360 customers. The buyout will give Americold access to 22 facilities, of which 21 are owned and one is managed, totaling 132 million refrigerated cubic feet. Upon closing the deal, the company’s portfolio will consist of over one billion refrigerated cubic feet.
“We welcome Cloverleaf to the Americold family. We have long admired Cloverleaf, the families that founded them and the associates that helped earn them a reputation in our industry. We have a similar degree of respect for Zero Mountain, which was recently acquired by Cloverleaf. We will accelerate and enhance Cloverleaf’s recently implemented initiatives by leveraging Americold’s commercial platform, institutional quality management and the Americold Operating System (AOS),” said Fred Boehler, president, and chief executive officer of American Realty Trust.