Logistics News

Americold adds to Australian portfolio with Lago buy

Deal with more than $100 million grown Brisbane facilities footprint

 

Americold has snapped up another Australian entity, Lago Cold Stores, for A$106.4 million.

The American cold storage giant announced it had entered into a definitive agreement to acquire the Brisbane-based business, which operates three temperature-controlled storage facilities within Brisbane Port.

This acquisition will add the three strategically-located assets, adjacent to one of Americold’s Brisbane facilities, to its Australian footprint, which will now occupy more than 1.6 million cubic metres. 

One facility is owned and the other two facilities are leased, with all comprising about 30,000 pallet spaces.

Lago serves approximately 60 customers. 


How Doboy Cold Stores also came under Americold ownership, here


“We are pleased to announce our agreement to acquire Lago Cold Stores, which expands our presence in the Brisbane, Australia market,” Americold president and CEO Fred Boehler said.

“Once completed, this acquisition will add three strategically located assets to our portfolio, growing our footprint in Brisbane and increasing our presence in Australia to more than 56 million cubic feet.”

Americold will also acquire a road haulage component with Lago operating its own fleet of vehicles that include 10-22-pallet options.

Lago notes it also offers container transport services to cater import and export container movements.

The acquisition is subject to terms and regulatory approval, and is expected to close later this year.

 

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