EQT’s latest global infrastructure is acquiring a European cold storage owner-operator from an Arcus Infrastructure Partners-managed fund.
EQT Infrastructure VI is investing an unspecified amount to buy Constellation Cold Logistics from Arcus European Infrastructure Fund 2.
London-headquartered Constellation, which owns 26 large cold storage facilities across seven countries in Western Europe and the Nordics, is expected to generate revenues of over €150m this fiscal year.
Based on its website, EQT’s value-add infrastructure team invests in controlling or co-controlling interests in infrastructure businesses with a deal size ranging from €500m to €1bn.
EQT said it will support Constellation by helping to further expand within its existing catchment areas and enter new countries, both organically and through consolidation.
Francesco Malvezzi, managing director within the EQT value-add infrastructure advisory team, said: “Constellation is one of the leading cold storage providers in Europe with an excellent track record of growth, both organically and through M&A.
“It offers strong diversification across geographies, customers and end-markets and has impressive service offerings, customer focus and facilities.”
Arcus first invested in Constellation in 2019, establishing the platform formally in early 2020.
Jordan Cott, partner and head of logistics and industrials at Arcus, said: “From a two-site, single-country operation in 2019, Constellation has become a true European champion in the cold storage space, maintaining its deeply entrepreneurial and customer-centric culture while unlocking the benefits of an institutionalised, highly scalable corporate platform.
“It is a perfect example of execution in line with the Arcus investment strategy, focusing on identifying, building, professionalising and optimising mid-market European infrastructure businesses through the dedicated and continuous application of the Arcus value creation toolkit.”
Carlos Rodriguez, CEO of Constellation, said: “In four short years, Constellation, with support from Arcus, has expanded into one of the largest cold storage players in Europe, enabling our clients to benefit from enhanced accessibility and efficiency in their supply chains.
“We will maintain an absolute focus on responsiveness and customer service together with our commitment to sustainability on our path to net-zero.
“We’re excited to continue implementing our 2030 strategic plan with the support of EQT, which brings strong infrastructure experience, global scale, and deep expertise in areas like sustainability and digitalisation.”
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