Americold has announced it will acquire the world’s fourth largest temperature-controlled warehouse company for a total of $1.740 billion (approximately AU$2.45b).
Americold, the world’s largest publicly traded REIT focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, announced that it has entered into a definitive agreement to acquire privately held Agro Merchants Group for over AU $2.4 billion dollars (US $1.740 billion)
Americold expects this transaction will expand Americold’s strategic footprint into Europe, with established access to the European food logistics network.
Agro is the fourth largest temperature-controlled warehouse company globally, 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.
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.
“We are very excited to welcome the Agro team to the Americold family as we expand the scale and enhance the geographic reach of the Americold network,” Fred Boehler, President and Chief Executive Officer of Americold Realty Trust said in a statement.
“The acquisition of Agro represents a unique opportunity to acquire an institutional-quality global portfolio that facilitates our strategic entry into Europe and adds complementary locations in the US, South America and Australia, where Americold is already established.”
“I am extremely proud of the work we have done to build Agro into a true industry leader in temperature-controlled logistics with a global portfolio,” Carlos Rodriguez, Chief Executive Officer of Agro Merchants Group said.
“Americold has one of the strongest networks in the world with leading operational capabilities. We are confident that by joining Americold, we will accelerate our growth and by combining our complementary networks, we will be able to provide a more comprehensive range of solutions to customers around the world.”
The acquisition is subject to customary and regulatory closing conditions and closing is expected to occur late in the fourth quarter of 2020 or early in the first quarter of 2021.