Bay Grove Capital Announces Acquisition of Richmond Cold Storage Company

SAN FRANCISCO & RICHMOND, Va.--(BUSINESS WIRE)--Bay Grove Capital LLC (“Bay Grove”), a principal investment firm based in San Francisco, today announced that it has acquired Richmond Cold Storage Company, LLC (“RCS” or the “Company”), a third party warehousing logistics company headquartered in Richmond, Virginia. RCS will join Bay Grove’s family of cold storage companies, which includes Terminal Freezers, Flint River Services and West Coast Cold, the parent of CityIce and Seafreeze Cold Storage. These companies have a total combined capacity of over 130 million cubic feet (5 million square feet), implying a rank of 5th on the International Association of Refrigerated Warehouses (IARW) North America Top 25 List. Financial terms of the transaction were not disclosed.

“As this platform grows, so does our ability to offer customers a broader range of logistics and cold storage services.”

RCS operates a network of third party temperature controlled and dry warehouses in Virginia, North Carolina, Georgia and Alabama, encompassing approximately 57 million cubic feet of warehouse space. Its services include dedicated and public warehousing for a broad range of processors and distributors. Current management will continue to run RCS, providing the same high level of service customers have come to expect over the last 100 years. RCS and Flint River Services will work closely to combine their facility networks and to integrate customer offerings in the Mid-Atlantic and Southeastern United States.

“We are very excited to be part of the Bay Grove family of companies,” said Michael McClendon, President of RCS. “This partnership will benefit our customers and employees and it will allow us to continue to grow.”

“The acquisition of RCS advances our vision to become a preeminent player in the national cold storage logistics industry,” said Kevin Marchetti, Managing Director of Bay Grove. “As this platform grows, so does our ability to offer customers a broader range of logistics and cold storage services.”

About RCS Established in 1907 and headquartered in Richmond, Virginia, RCS provides third party temperature controlled and dry warehousing, distribution and logistical services for a multitude of processors and distributors in the Mid-Atlantic and Southeastern United States. These services are provided through a network of dedicated and public warehouses that are developed around customers’ specific needs and requirements necessary to meet their supply chain objectives. (www.richmondcold.com)

About Bay Grove Capital Bay Grove Capital is a principal investment firm dedicated to partnering with strong management teams to invest in growing, cash-flow positive businesses. Bay Grove has deep experience in the cold storage industry but also seeks to make equity investments through buyouts, growth equity transactions, and co-investments with partner funds in other attractive sectors. Bay Grove Capital is based in San Francisco. (www.baygrovecapital.com)