Bay Grove Capital LLC, San Francisco, said it acquired Richmond Cold Storage Company, LLC(RCS). Terms were not disclosed.
RCS operates a network of third party temperature controlled and dry
warehouses in Virginia, North Carolina, Georgia and Alabama,
encompassing approximately 57 million cubic feet of warehouse space.
Its services include dedicated and public warehousing for a broad range
of processors and distributors. Bay Grove said RCS' current management will continue to lead the company.
“We are very excited to be part of the Bay Grove family of companies,”
said Michael McClendon, RCS president. “This partnership will
benefit our customers and employees and it will allow us to continue to
RCS will join Bay Grove’s family of cold storage companies, which
includesTerminal Freezers, Burlington, Wash.;Flint River Services, Albany, Ga.; and West Coast Cold,
the parent of Seattle-basedCityIceandSeafreeze Cold Storage. These companies have
a total combined capacity of more than 130 million cubic feet (5 million
square feet), implying a fifth place ranking on the International Association
of Refrigerated Warehouses (IARW) North America Top 25 list.
“The acquisition of RCS advances our vision to become a preeminent
player in the national cold storage logistics industry,” said Kevin
Marchetti, managing director of Bay Grove. “As this platform grows, so
does our ability to offer customers a broader range of logistics and
cold storage services.”
Marchetti noted that RCS will begin to work more closely with Flint River Services, Albany, Ga., to combine their facility networks and to integrate customer
offerings in the Mid-Atlantic and Southeastern United States.
Richmond Cold Storage joins Bay Grove
October 11, 2011