Preferred Freezer Services, Chatham, N.J., entered into a joint venture with Sinotrans Ltd., a logistics service provider in China; affiliates of Yang Ming Marine Transport Corp., a Taiwanese global cargo services provider; and the Yida Group, an urban design and real property developer. Together, they will jointly build and operate cold chain logistics businesses throughout China.
Preferred Freezer, which is majority owned by middle-market private equity firm Fenway Partners, has operated in China under a smaller joint venture since 2009. The new joint venture will leverage Preferred Freezer’s technology and refrigerated logistics expertise, and the local operating scale and capabilities of its strategic partners to address China’s rapidly growing demand for cold chain logistics services.