Americold Realty Trust has announced that it has entered into a strategic joint venture to own approximately 15% of SuperFrio Armazéns Gerais SA (“SuperFrio”), a temperature-controlled storage operator in Brazil, for approximately $28m. The closing of this transaction is subject to customary closing conditions and is expected to occur in the first quarter of 2020.
The company has claimed that Brazil is a key market in the global food chain, as it is a leading exporter of beef, poultry and other commodities. SuperFrio currently operates 16 refrigerated facilities, totalling 35.1m cu ft.
“This agreement allows Americold to partner with leaders in the Brazilian market while providing for future growth through roll-up acquisitions and selective development projects, with the option to acquire full ownership of SuperFrio starting in 2023,” stated Fred Boehler, President and Chief Executive Officer of Americold Realty Trust.
SuperFrio is currently owned by Pátria Investimentos (“Pátria”), a leading Brazilian private equity firm with approximately $14bn of assets under management. Americold will gain a seat on SuperFrio’s Board of Directors and retains the exclusive right to acquire the remaining ownership in the Company during a designated exercise window starting in 2023. Under the terms of the agreement, Americold will commit to fund up to an additional $30m, at its pro-rata share for the joint venture’s acquisition and development activity over the next two years.
Source: Americold
