Atlanta, GA — Americold Realty Trust announced that it has entered into a definitive agreement to acquire Canadian-based Nova Cold Logistics for CAD $337 million.
The Nova Cold portfolio consists of three locations totaling 23.5 million cubic feet with approximately 81,000 pallet positions, and additional acreage for future expansions, located in the gateway cities of Toronto, Calgary, and Halifax. This acquisition expands Americold’s position in Canada, a growing market with fragmented ownership of cold storage facilities, where it already has a presence through its third-party management business. Americold’s current customer base has significant overlap with Nova Cold’s.
Separately, Americold also announced that is has completed the acquisition of two cold storage facilities owned by MHW Group Inc., one in Maryland and one in Pennsylvania, and exercised an option to purchase the underlying land, for US $54 million.
“We are excited to expand our infrastructure and presence in Canada and Mid-Atlantic U.S. with these highly strategic locations and modern facilities that offer compelling growth opportunities. We look forward to welcoming all the new Associates to our team,” stated Fred Boehler, President and Chief Executive Officer of Americold. “These accretive acquisitions enhance the Company’s position as a leading global owner and operator of temperature-controlled infrastructure while expanding relationships with existing high quality customers and providing access to new regional and local customers.”