Atlanta, Georgia, USA: Envision Cold has taken on a half-billion-dollar investment to boost its cold store operations. An undisclosed capital partner invested $500m, giving Envision Cold the ability to acquire and develop its cold storage sites.
Envision launched just over a year ago, and has since purchased sites in Oakland and San Francisco; Laredo, Texas; and Vancouver. “Demand for cold storage has never been stronger,” Austin Solem, chief executive, Envision, said. Envision provides cold storage, transport and import and export services. It also plans to use the funding toward developing new facilities as well as acquisitions.
Solem previously ran the mergers and acquisitions department at Americold, helping to take the company public in 2018. Solem said he expects Envision will use the $500m by next year, with the company’s growth focused on underserved markets and strategic plays. “There’s a need for additional supply all around the country,” Solem said. “But we don’t want to acquire just to acquire and build just to build: it would take a very long time to get to the size of an Americold or a Lineage.”
