Americold Realty Trust To Acquire Privately-held Chiller Holdco For $1.24 Bln

(RTTNews) - Americold Realty Trust (COLD) agreed Tuesday to acquire privately-held Chiller Holdco, LLC from Cloverleaf management and an investor group led by private equity funds managed by Blackstone Group LP (BX) for a purchase price of $1.24 billion, subject to customary adjustments.

The closing of the acquisition is subject to customary closing conditions and is expected to occur in the second quarter of 2019.

Founded in 1952, Cloverleaf is the fifth largest cold storage provider in the United States by refrigerated cubic feet and serves over 360 customers. The portfolio to be acquired consists of 22 facilities, of which 21 are owned and one is managed, totaling 132 million refrigerated cubic feet.

Americold is the world's largest publicly traded REIT focused on the ownership, operation and development of temperature-controlled warehouses.

This acquisition enhances the Company's position as the leading global owner and operator of temperature-controlled infrastructure while expanding relationships with existing high quality customers.

Upon closing, Americold's portfolio will consist of over one billion refrigerated cubic feet, which provides the Company with greater density and diversification to better service its customers.