NEW YORK--(BUSINESS WIRE)--May 1, 2019--
Blackstone (NYSE:BX) today announced that private equity funds managed
by Blackstone have completed the sale of Cloverleaf Cold Storage
(“Cloverleaf”) to Americold Realty Trust (NYSE: COLD) (“Americold”), the
world’s largest publicly traded REIT focused on the ownership, operation
and development of temperature-controlled warehouses.
Cloverleaf, which was founded in 1952 and is based in Sioux City, Iowa,
is the fifth largest cold storage provider in the United States with 132
million refrigerated cubic feet, serving over 360 customers.
“Our families are proud of Cloverleaf’s evolution and the development of
our industry over the past 67 years,” Bill Feiges and Daniel Kaplan,
senior management of Cloverleaf, said in a written statement. “We are
grateful for the dedication of Cloverleaf’s talented management team and
employees, and deeply appreciative for the opportunity to serve so many
wonderful customers through multiple generations. Our people and
facilities, blended with Americold’s capabilities and warehouse network,
will strengthen customer relationships in the years ahead. We also want
to thank Blackstone for being a trusted partner who added value to the
company with their unique insights, financial expertise and operational
capabilities.” Mark Rumsey added “I’d similarly like to thank Zero
Mountain’s leadership, employees and customers. We’re excited to have
joined forces with Cloverleaf, and look forward to the next chapter in
the company’s history.”
Seth Meisel, a Senior Managing Director at Blackstone, added, “We are
proud to have partnered with the Kaplan, Feiges and Rumsey families and
Medley Management on this investment, and look forward to seeing the
combined companies’ continued growth into the future.”
In addition to private equity funds managed by Blackstone, other
existing investors in Cloverleaf include the Kaplan and Feiges families,
the Rumsey family and Medley Management.
Wells Fargo Securities and Deutsche Bank Securities Inc. are acting as
exclusive financial advisors to Cloverleaf and Blackstone. Kirkland &
Ellis LLP is acting as legal advisor to Cloverleaf and Blackstone.
Blackstone is one of the world’s leading investment firms. We seek to
create positive economic impact and long-term value for our investors,
the companies we invest in, and the communities in which we work. We do
this by using extraordinary people and flexible capital to help
companies solve problems. Our asset management businesses, with $512
billion in assets under management, include investment vehicles focused
on private equity, real estate, public debt and equity, non-investment
grade credit, real assets and secondary funds, all on a global basis.
Further information is available at www.blackstone.com.
Follow Blackstone on Twitter @Blackstone.
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