Tuesday, January 12, 2010

Bay Area Group Buys Seattle Cold Storage Firm

San Francisco-based investment firm Bay Grove Capital announced this week that it has acquired Seattle, Washington-based cold storage warehouse services company CityIce Cold Storage.

Under the terms of the deal, Bay Grove's holding company, West Coast Cold, will oversee CityIce, a 4.5 million cubic-foot cold storage facility located at the Port of Seattle's Terminal 91.

The deal also brings CityIce and Seafreeze Cold Storage--a 7 million cubic-foot cold storage facility also located at the Port of Seattle and purchased by Bay Grove in December 2008--under the same West Coast Cold umbrella. “Bringing these well established local operations together under the management of West Coast Cold provides customers with enhanced cold storage services and deepens our partnership with the Port of Seattle while allowing for greater investment in the facilities,” said Kevin Marchetti, Managing Director of Bay Grove.

The CityIce deal makes West Coast Cold the leading provider of cold storage in the Seattle area, with a combined total of 11 million cubic feet of cold storage facilities. The two firms provide more than 140 full-time jobs in addition to more than 750 processing operator positions.

Financial terms of the deal were not released.

In related news, Bay Grove also announced that it has appointed industry veteran Pat Floyd as President of West Coast Cold.

Prior to joining West Coast Cold, Floyd held several key executive positions within the cold storage industry, including COO of Nordic Cold Storage, an operator of fourteen cold storage facilities based in Atlanta, Georgia and Executive Vice President of North American Operations at 3PL firm Total Logistics Control.