San Francisco investorBay Grove Capital LLC said it acquired the assets ofTerminal Freezers, Inc., Burlington, Wash.
Officials said the deal -- the company's third in the cold storage industry -- now creates a portfolio with a total storage capacity of more than 75 million cubic feet, which would rank it as the seventh largest cold storage provider, according to a Global Top 25 listing by theInternational Association of Refrigerated Warehouses.
Bay Grove's portfolio also includesFlint River Services, Albany, Ga., (three Georgia locations), which it acquired in December 2010. It also includes Seattle'sCityIceCold Storage(purchased in January 2010); and Seattle'sSeafreeze Cold Storage(purchased in December 2008).
With more than 32 million cubic feet of temperature controlled storage, Terminal Freezers is Bay Grove’s largest acquisition, officials said. Terminal Freezers operates facilities in Oxnard and Watsonville, Calif.; Salem and Brooks, Ore.; and San Antonio, Texas. Terminal works with growers, processors and distributors in the fruit, produce, seafood, and other frozen foods industries. Officials said management, including President Tim Dayton and CFO Todd Nelson, will continue to run the company and that the Dayton family will remain significant investors in the new holding entity, Terminal Freezers Holdings.
“Terminal Freezers has a superb reputation and great management,” said Bay Grove Managing Director Kevin Marchetti. “This is another important step for us in this industry and we look forward to increasing the company’s national presence and building on its strong geographic footholds.”
Lowell Dayton is Terminal Freezers' founder.
“The transaction with Bay Grove enhances Terminal Freezer’s ability to grow with our customers,” he said. “I am confident the Terminal team will continue the tradition of excellence our company has developed over the last 27 years.”
Bay Grove buys Terminal Freezers
January 7, 2011