AMERICOLD ACQUIRES LAGO COLD STORES.

Americold has announced that the Company has entered into a definitive agreement to acquire Brisbane based Lago Cold Stores (“Lago”), an operator of three temperature-controlled storage facilities in Brisbane, Australia, totalling 6.8 million cubic feet, for a purchase price of A$106.4 million, including certain taxes and expenses.

This acquisition will add three strategically-located assets to their footprint in Brisbane and increasing their presence in Australia to more than 56 million cubic feet. 

Lago Cold Stores operates three temperature-controlled storage facilities in Brisbane, Australia, totaling 6.8 million cubic feet and 30,000 pallet positions.  One facility is owned, totalling 5.4 million cubic feet, and the other two facilities are leased.  Lago serves approximately 60 customers. 

Lago is strategically located near the Port of Brisbane and is adjacent to one of Americold’s Brisbane facilities, and is complementary to the Company’s footprint in the local market. 

The acquisition is subject to customary closing conditions and regulatory approval, and is expected to close later in 2021.