SÃO PAULO--(BUSINESS WIRE)--Emergent Cold Latin America (Emergent Cold LatAm or the Company), the fastest-growing refrigerated storage and logistics service provider in Latin America, announced today the acquisition from Frigorifico Modelo (Frimosa) of their cold storage business located in Montevideo, Uruguay. Emergent Cold LatAm also announced plans to immediately develop a 17,000-pallet expansion of its newly acquired facility in Polo Oeste, a project that should be complete by mid-2024.
Frimosa is a leading agro-industrial and logistics company based in Montevideo. Under the terms of the transaction, Emergent Cold LatAm acquired Frimosa’s logistics campus located in Polo Oeste, a 22,000-pallet cold storage facility. Emergent Cold LatAm will also lease a second Frimosa site located in downtown Montevideo until its planned expansion project is complete.
The parties previously announced the execution of a definitive agreement for Emergent Cold LatAm to acquire Frimosa’s cold storage business, subject to closing conditions. In April 2023, Emergent Cold LatAm completed the acquisition of Frimosa’s Paraguay operations consisting of a newly-built 8,400-pallet warehouse located in Asunción with land for growth.
“The addition of Frimosa’s Uruguay storage operations into our growing Latin America network expands our reach in the South Cone and creates many new opportunities to service customers across the region,” said Neal Rider, CEO of Emergent Cold LatAm. “We are excited to quickly break ground on our planned expansion in Polo Oeste. I want to thank the Frimosa ownership group for their professionalism and integrity throughout this process, and express my appreciation for the opportunity to complete this transaction.”
44 Capital Finanças Corporativas acted as financial advisor and Ferrere Abogados acted as legal advisor to Emergent Cold LatAm.
About Emergent Cold LatAm:
Emergent Cold Latin America (www.emergentcoldlatam.com) is the largest refrigerated warehousing and logistics provider in Latin America and the Caribbean, building the highest- quality cold chain network to provide end-to-end temperature-controlled logistics solutions to their customers across the region. The company was founded in August 2021 to cover the need for modern cold chain solutions in the market and to meet the increasing demand from domestic and global customers. Emergent Cold LatAm currently operates more than 500 trucks and more than 60 cold storage facilities, including seven new facilities now under construction, to complete a total of 11 countries across Latin America.