VANCOUVER, June 30 /CNW/ - Versacold International Corporation
("Versacold"), an indirect, wholly-owned subsidiary of Hf. Eimskipafélag
Islands ("Eimskip") announced today that Eimskip has successfully completed a
sale of a 49% interest in Eimskip Tango ehf ("Tango"), the direct parent of
Versacold to The Yucaipa Companies,LLC ("Yucaipa"). Yucaipa also acquired an
option for the remaining 51% interest in Tango.
The acquisition of Versacold fits well within Yucaipa's long term
strategy to build a worldwide network of temperature controlled transportation
and warehousing services. Yucaipa is the owner of Americold RealtyTrust, the
largest public refrigerated warehouse (PRW) operator in the United States. The
Versacold facilities are complimentary to Americold's facilities, although
Versacold and Americold will operate independently, each with separate and
Ron Burkle, managing partner of Yucaipa stated that:"Versacold is a great
company with a dedicated management team that has enjoyed a number of
successes and accomplishments that we intend to build upon. I believe that
Yucaipa's complementary and extensive operations in logistics will facilitate
Versacold's current plans to expand their presence in public refrigerated
warehousing, third party logistics and transportation. Yucaipa's investment
will help ensure Versacold's existing customers are offered the same quality
of service across an even broader spectrum of the supply chain."
Brent Sugden, CEO of Versacold commented: "This is a great outcome to our
sale process. Yucaipa is well familiar with our business sector and the food
industry as a whole. We share a common vision to be a best in class company
and to continue growing the business domestically and globally. Yucaipa has
the resources to make this happen. Versacold has strong brand recognition and
I am pleased that we will continue to do business as Versacold and that our
management and support teams will continue to serve our valued customers."
RBC Capital Markets and TD Securities Inc., acted as financial advisors
to Versacold on the transaction.
Versacold is a leading provider of temperature controlled warehousing and
logistics services in the United States and in the world, with 123 facilities
in the U.S., Canada, Australia, New Zealand and Argentina. Versacold's
operations provide global refrigerated storage capacity of approximately 586
million cubic feet to a diverse group of food producers, processors, and
wholesale and retail distributors. Versacold also provides fully integrated
refrigerated distribution services. To find out more about Versacold visit our
website at www.versacold.com.
About The Yucaipa Companies
The Yucaipa Companies is a premier investment firm that has established a
record of fostering economic value through the growth and responsible
development of companies. Since its founding in 1986, the firm has completed
mergers and acquisitions valued at more than $30 billion. As an investor,
Yucaipa works with management to strategically reposition businesses and
implement operational improvements, resulting in value creation for investors.
For further information:
For further information: Versacold, Brent Sugden, President and Chief
Executive Officer, Joel Smith, Executive Vice President and CFO, Versacold
International Corporation, 2115 Commissioner Street, Vancouver, British
Columbia, V5L 1A6, Telephone: (604) 255-4656, Fax: (604) 255-4015, Website: