Americold Realty Trust Announces the Strategic Acquisition of Cloverleaf Cold Storage

Americold Realty Trust, the world’s largest publicly traded REIT focused on the ownership, operation and development of temperature-controlled warehouses, has entered into a definitive agreement to acquire privately-held Chiller Holdco, LLC (“Cloverleaf Cold Storage” or “Cloverleaf”) from Cloverleaf management and an investor group led by private equity funds managed by Blackstone for a purchase price of $1.24 billion (subject to customary adjustments). The closing of the acquisition is subject to customary closing conditions and is expected to occur in the second quarter of 2019.

Founded in 1952 and based in Sioux City, Iowa , Cloverleaf is the fifth largest cold storage provider in the United States by refrigerated cubic feet and serves over 360 customers. The portfolio to be acquired consists of 22 facilities, of which 21 are owned and one is managed, totaling 132 million refrigerated cubic feet. Cloverleaf’s assets are located in nine states in the Central and Southeastern United States , which are complementary to Americold’s existing geographic reach and expands the Company’s focus in the growing protein business segment.

This acquisition enhances the Company’s position as the leading global owner and operator of temperature-controlled infrastructure while expanding relationships with existing high quality customers. Upon closing, Americold’s portfolio will consist of over one billion refrigerated cubic feet, which provides the Company with greater density and diversification to better service its customers.

“We welcome Cloverleaf to the Americold family. We have long admired Cloverleaf, the families that founded them and the associates that helped earn them a great reputation in our industry. We have a similar degree of respect for Zero Mountain , which was recently acquired by Cloverleaf. We will accelerate and enhance Cloverleaf’s recently implemented initiatives by leveraging Americold’s commercial platform, institutional quality management and the Americold Operating System (AOS),” said Fred Boehler , President and Chief Executive Officer of Americold Realty Trust .

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