Dutch Cold-Storage Company Kloosterboer Said to Explore Sale
(Bloomberg) -- Kloosterboer, one of Europe’s largest cold-storage operators, is exploring a sale, according to people with knowledge of the matter.
Founded in 1925, the Rotterdam-based company is working with an adviser to solicit interest from potential suitors, which are expected to include rival cold-storage companies and private equity firms, the people said. Kloosterboer is expected to be valued at about 1 billion euros ($1.2 billion) in a transaction, some of the people said.
Talks are ongoing and the structure of the deal could still change, including the size of the stake being sold, the people said. A Kloosterboer representative didn’t immediately respond to requests for comment.
The family-owned company specializes in storage and transportation of temperature-controlled food products. It operates in the Netherlands, France, Germany, Canada, South Africa and the U.S., its website shows. According to a July 2020 report by the International Association of Refrigerated Warehouses, Kloosterboer was the seventh-largest cold-storage company in the world, behind the likes of Americold Realty Trust.
In December, real estate investment trust Lineage Logistics acquired Kloosterboer’s Norway facility. At the time, Kloosterboer described the Nordics at “not a key development market” for its overall strategy.
The cold-storage industry has attracted investor interest and experienced consolidation, in part due to increased pressure on the food-supply chain brought on by the pandemic.
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