Americold Realty Trust, Atlanta, entered into a definitive agreement to acquire Cloverleaf Cold Storage, Sioux City, Iowa, for $1.24 billion.
Cloverleaf is a cold storage provider serving over 360 customers. The portfolio to be acquired consists of 22 facilities, 21 of which are owned and one is managed, totaling 132 million refrigerated cubic feet. Cloverleaf’s assets are located in nine states in the Central and Southeastern United States, which are complementary to Americold’s existing geographic reach and expands the company’s focus in the growing protein business segment.
This acquisition enhances Americold’s position as a global owner and operator of temperature-controlled infrastructure while expanding relationships with existing customers. Upon closing, Americold’s portfolio will consist of over 1 billion refrigerated cubic feet.
“We welcome Cloverleaf to the Americold family. We have long admired Cloverleaf, the families that founded them and the associates that helped earn them a great reputation in our industry. We have a similar degree of respect for Zero Mountain, which was recently acquired by Cloverleaf. We will accelerate and enhance Cloverleaf’s recently implemented initiatives by leveraging Americold’s commercial platform, institutional quality management and the Americold Operating System (AOS),” says Fred Boehler, president and CEO of Americold.