Brookfield's Private Equity Group Acquires Canadian Cold Storage Business
Brookfield Asset Management, Canada, acquired the stock of Millard Refrigerated Services’ Canada operations located in Brampton, Ontario and Calgary, Alberta. The sale closed May 31. Financial terms were not disclosed.
Millard will use the funds from the sale to focus on U.S. customers by investing in warehousing opportunities and value-added solutions, and anticipates expanding select facilities to accommodate growth. The company will also dedicate resources for the continued development of its Millard Maritime facility in Theodore, Ala.
“Millard Refrigerated Services is concentrating on several business opportunities around the United States that have great potential for the company, including expansion of existing facilities and the growth of Millard Maritime. The sale of our Canadian unit allows our team to focus on these activities,” says Lance Larsen, president and CEO of Millard Refrigerated Services.
Brookfield will retain the employees of the two facilities, which will be renamed Brookfield Cold Storage. The firm expects to keep all current customers and ultimately expand the service offering.
“The Canadian market for commercial cold storage is strong, and the Millard facilities are in great shape with an outstanding list of customers, so we anticipate solid growth from this acquisition. We are looking forward to a smooth transition with the support of Millard and the associates at both locations,” says David Nowak, managing partner at Brookfield Asset Management.