Atlanta, Georgia, USA: Americold is continuing its international expansion with a move into the Brazilian market.
Americold has formed a joint venture with SuperFrio Armazens Gerais owner Patria Investimentos, under which it will spend around US$28m for a 15% stake in the South American temperature-controlled storage provider.
Americold expects to be in a position to complete a full takeover in three years.
“This agreement allows Americold to partner with leaders in the Brazilian market while providing for future growth through roll-up acquisitions and selective development projects, with the option to acquire full ownership of SuperFrio starting in 2023,” said Americold president and chief executive Fred Boehler.
The deal makes Brazil the second country in South America, after Argentina, where Americold now has a presence, It also has a presence in Canada, Australia and New Zealand, besides its operations in the US.
Over the last year Americold has made a number of acquisitions worth around $1.4bn and added 27 sites with a combined space of about 170 million cubic feet to its portfolio, an increase of 17%. It now owns and operates 178 temperature-controlled warehouses with more than 1bn cu ft of storage.
Boehler also announced plans for a $42m expansion project in New Zealand, adding 4.6m cu ft of cold storage space for customer Woolworth’s.
