Hf. Eimskipafélag Islands completes acquisition of Versacold Income Fund

    VANCOUVER, Aug. 3 /CNW/ - Eimskip Holdings Inc., an indirect,
wholly-owned subsidiary of Hf. Eimskipafélag islands ("Eimskip") announced
today that Eimskip has successfully completed its previously announced offer
to acquire all the issued and outstanding trust units (the "Units") of
Versacold Income Fund (TSX:ICE.UN) ("Versacold"). The aggregate acquisition
cost, including debt, is CDN$1,180 million.
    Versacold has applied to de-list its Units and convertible debentures
from the Toronto Stock Exchange and will apply to the Canadian Securities
Administrators to cease to be a reporting issuer.
    The acquisition of Versacold fits well within Eimskip's long term
strategy to build a worldwide network of temperature controlled transportation
and warehousing services. The Versacold facilities are complimentary to
Eimskip's and the combined company will have a presence in the temperature
controlled transportation and warehousing services market in every continent,
except Africa.
    Baldur Gudnason, CEO of Eimskip commented:
    "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 Eimskip's complementary and extensive operations in
shipping, trucking and storage will facilitate Versacold's current plans to
expand their presence in public refrigerated warehousing, third party
logistics and transportation. The combination of our companies will allow us
to pursue and accelerate this vision, ensuring 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 an exciting time for Versacold as we join forces with an
expansive and quickly growing international transportation and cold storage
company. I am particularly pleased that we are joining forces with a company
that recognizes our accomplishments at Versacold and supports our plans for
continued growth. I am impressed with the drive and energy of Baldur and the
team at Eimskip, and I believe they are very well placed to accelerate the
expansion of our supply chain offering to existing and new customers."
    Eimskip worked with Toronto-based KingSett Capital to structure and
finance the acquisition.
    KingSett, through KingSett Real Estate Growth LP No. 3, provided
structured real estate secured financing to the transaction.
    RBC Capital Markets acted as financial advisor to Eimskip on the
transaction and was the Sole Lead Arranger and Bookrunner on the senior debt
    Bennett Jones LLP and Osler, Hoskin & Harcourt LLP acted as legal

    About Versacold Income Fund

    Versacold Income Fund is an unincorporated, open-ended limited purpose
trust. The trust was created to invest in public refrigerated warehousing,
distribution and related businesses, initially through the acquisition of
Versacold Holdings Corp.
    Versacold is a leading public refrigerated warehousing (PRW) company in
the United States and in the world, with 72 facilities in the U.S., Canada,
Australia, New Zealand and Argentina. Versacold's operations provide global
refrigerated storage capacity of approximately 290 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 (TSX: ICE.UN), visit
our website at www.versacold.com.

    About Eimskip

    Hf. Eimskipafelag Islands is one of the largest companies in Iceland and
is publicly listed on the Icelandic Stock Exchange. The company has over 90
years of experience in providing transportation, warehousing and logistics
services in Europe, primarily in the North Atlantic region.
    Operating with 200 locations around the world in over 30 countries with a
total of 10,000 employees, Hf. Eimskipafelag Islands has global reach. It has
an annual turnover exceeding CDN$ 2 billion and estimated 2007 EBITDA of
CDN$ 200 million. It owns or operates 50 vessels, 100 cold-store facilities,
25 wide body cargo aircraft and 2,000 trucks and trailers.
    Eimskip is traded on the Icelandic Stock Exchange under the symbol of
HFEIM. To find out more about Eimskip, visit our website at www.eimskip.is.

    About KingSett Capital

    KingSett Capital is a Private Equity real estate investment business
seeking opportunities where active management can create value. KingSett has
closed three investment funds totaling $1.3 billion of equity from 11
institutional investors for a $4.6 billion investment program. KingSett
implements value creation plans through structuring financial solutions for
its partners and implementing real estate strategies to maximize value. To
learn more about KingSett, visit their website at www.kingsettcapital.com.

    %SEDAR: 00017300E

For further information:

For further information: Eimskipafélag, Baldur Gudnason, President and
Chief Executive Officer; Stefan A. Magnusson, Chief Financial Officer; Dogg
Hjaltalin, Director - Investors Relations, HF. Eimskipafélag islands,
Korngordum 2, 104 Reykjavik, Iceland, Telephone: +354-525-7000, Fax:
+354-525-7009, Website: www.eimskip.is; Versacold, Brent Sugden, President and
Chief Executive Officer; Roger Dall'Antonia, Vice President, Treasury and
Investor Relations, Versacold Income Fund, 2115 Commissioner Street,
Vancouver, British Columbia, V5L 1A6, Telephone: (604) 255-4656, Fax: (604)
255-4330, Website: www.versacold.com

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