Swire Cold Storage sold to US newcomer

Australian cold-chain logistics provider Swire Cold Storage has sold its business, including 15 warehouses, customer and employee contracts and land, to US refrigeration technology company Emergent Cold, the Australian Financial Review reports.
Swire Cold Storage’s network covers over 65 million cubic feet (275,000 pallet spaces) of refrigerated storage, in 15 facilities across Australia.
The deal reportedly went through before Christmas, though financial terms have not been disclosed.
Emergent Cold also acquired Swire’s Vietnamese cold-storage business in the deal.
Emergent Cold was founded in May 2017 by Neal Rider, former President of US cold-storage behemoth Americold Logistics.
Emergent Cold’s LinkedIn page already reflects the acquisition, calling the company, “the market leader in Australia, with capacity for 320,000 pallets in 75+ million cubic feet of temperature-controlled space, ranging from fully automated high rise to traditional sites.”
“Over the past 60 years, Swire has built the leading cold storage businesses in Australia and Vietnam through dedicated service to customers, commitment to employees and investment in high-quality operations,” said Rider.
“We are excited to partner with this outstanding management team, and we look forward to supporting the continued growth and expansion of the businesses throughout Asia Pacific as part of Emergent Cold.”