The Joshua Green Corp. (JCG), Seattle, Wash., announced plans to purchase a majority stake in Bellingham Cold Storage (BCS), Bellingham, Wash.
Since its founding in 1946, BCS has been wholly owned by siblings Stowe and Jane Talbot. After this sale, JGC will own a majority of the company, and the Talbot family will remain as shareholders.
“The Joshua Green Corp. will be the ideal partner to take Bellingham Cold Storage to the next level,” says Stowe Talbot. “They impressed us with their experience investing in companies like ours and with their values, vision and optimism. BCS team members and customers will appreciate the capabilities JGC can provide to improve and expand our services.”
JCG pursues long-term investment opportunities that allow its experience and resources to combine with existing business relationships and employee groups, says Stanley McCammon, JCG president and CEO.
“We recognize the importance that a business plays in the life of its employees and within a community,” he adds. “We seek to enable employees to realize their potential and pursue their interests in a manner that also mutually benefits their colleagues and the company. We do not anticipate any changes to the management team or in the way the company operates as a result of this ownership change.”
Doug Thomas will remain as president and CEO, and the Talbots will continue to own a meaningful stake in the company.
BCS employs approximately 175 people at two facilities in Bellingham — one on the waterfront, on land leased from the Port of Bellingham, and the other on Orchard Drive, next to Interstate 5.
“As a multigenerational, family-owned company itself, the Joshua Green Corp. shares Bellingham Cold Storage’s long-term growth perspective,” Thomas says. “JGC invests in companies with well-run management teams, and they tend to keep those teams intact. I’m excited for the growth opportunity that this ownership change presents; it’s good for our employees, for our customers and for the economic development of Whatcom County.”
With its location between Vancouver, B.C., Canada, and Seattle, along with its access to international ports, BCS has great potential for growth, McCammon says.
“We like Bellingham, and we believe that JGC’s financial strength will enable Bellingham Cold Storage to think strategically about its opportunities and to invest for its long-term growth in support of both existing and future customers,” he adds. “We look forward to collaborating with BCS’ management team and the Port of Bellingham on the development of those opportunities.”