Fenway acquires Preferred Freezer
New York, N.Y., equity investor Fenway Partners LLC said it purchased a majority stake in Preferred Freezer Services LLC, a Newark, N.J.-based public refrigerated warehouse company. Terms were not disclosed. Preferred founder and CEO John Galiher and other senior officials remain at Preferred and reportedly keep a 25-percent ownership stake in the business. Officials said Preferred is the nation's fifth largest PRW operator with 23 facilities nationwide.
A leader in frozen seafood storage, the business reportedly is expanding into other food sectors and has plans to build as many as 11 more locations in core and new markets. It also has secured port locations in China and Vietnam. "Preferred Freezer is an excellent addition to Fenway's collection of transportation and logistics businesses and growing portfolio of investments in the temperature-controlled niche," said Marc Kramer, Fenway managing director and co-head of the firm's Transportation/Logistics practice.