Americold Realty Trust and EQT’s core infrastructure fund have partnered to create a $1.3bn (€1.1bn) North American cold storage investment venture that will own, operate and potentially develop assets.
Under the terms of the joint venture, Americold is contributing 12 US cold storage facilities valued at $1.3bn, while EQT Active Core Infrastructure is acquiring a 70% stake and Americold retains a 30% interest and willl continues to manage day-to-day operations.
NYSE-listed Americold said it expects to receive approximately $1.1bn in net cash proceeds from the transaction, which will be used to repay outstanding debt.
Rob Chambers, CEO of Americold, said: “This joint venture is an important strategic step for Americold, significantly strengthening our balance sheet, while aligning us with a strong partner in EQT who recognises the intrinsic value of our mission-critical assets and the inherent growth opportunities in our business.
“We believe this transaction reflects an attractive valuation for our assets, while positioning Americold to unlock additional value in the future as we look to grow this platform. This transaction is part of our multi-pronged strategy to drive disciplined long-term growth and superior returns for shareholders.”
Alex Greenbaum, partner and head of EQT Active Core Infrastructure, said: “We believe this platform is anchored by best-in-class cold storage assets serving blue chip customers and is well positioned for long-term growth.
“This investment aligns closely with our strategy of investing in core infrastructure assets with durable, predictable characteristics and clear opportunities for growth. We look forward to further developing, enhancing and scaling the platform over time.”
Benjamin Bygott-Webb, Partner at EQT, said: “Americold is a leading global cold storage operator, with a high-quality platform, deep customer relationships and a strong track record of operational excellence.
“This partnership reflects EQT’s conviction in cold chain infrastructure as an essential, resilient sector with strong long-term fundamentals. Together, we are well positioned to build on a strong foundation, pursuing disciplined growth and development opportunities while continuing to serve customers across critical points in the supply chain.”
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