Americold Realty Trust, Atlanta, entered into a definitive agreement to acquire Nova Cold Logistics, Canada, for CAD $337 million from Brookfield Business Partners L.P., Canada.
Separately, Americold acquired two cold storage facilities owned by MHW Group Inc., Reisterstown, Md., one in Maryland and one in Pennsylvania.
“We are excited to expand our infrastructure and presence in Canada and Mid-Atlantic U.S. with these highly strategic locations and modern facilities that offer compelling growth opportunities. We look forward to welcoming all the new associates to our team,” says Fred Boehler, president and CEO of Americold. “These accretive acquisitions enhance the company’s position as a leading global owner and operator of temperature-controlled infrastructure while expanding relationships with existing high-quality customers and providing access to new regional and local customers. Both of these acquisitions are immediately accretive on a leverage neutral basis. Additional opportunities to enhance returns over the next 2-3 years by implementing our best-in-class commercial business practices and the Americold operating system make them even more attractive.”
Nova Cold acquisition
The Nova Cold portfolio consists of three locations totaling 23.5 million cubic feet with approximately 81,000 pallet positions, and additional acreage for future expansions, located in the gateway cities of Toronto, Calgary, and Halifax, Canada. This acquisition expands Americold’s position in Canada, where the company already has a presence through its third-party management business.
Mid-Atlantic acquisition
The MHW portfolio consists of two facilities totaling 19.0 million cubic feet and approximately 86,000 pallet positions Chambersburg, Pa., and Perryville, Md. Both facilities are rail-served sites and strengthen Americold’s presence in the Mid-Atlantic region.