Americold Realty Trust Closes Acquisition of Agro Merchants Group
Americold Realty Trust (NYSE:COLD) has successfully completed its acquisition of Agro Merchants Group, adding 46 facilities across 10 countries, totaling 236 million refrigerated cubic feet. This move expands Americold’s portfolio to 239 facilities with 1.41 billion cubic feet, enhancing its global reach. Concurrently, the company issued 14.2 million common shares to Oaktree Capital and Agro management, with a lockup until May 17, 2021. Additionally, Americold secured €750 million in senior unsecured notes to fund future growth initiatives. The acquisition bolsters its position in the temperature-controlled warehouse market.
- Acquired 46 facilities, enhancing global portfolio to 239 facilities.
- Expanded refrigerated storage capacity to 1.41 billion cubic feet.
- Secured €750 million in senior unsecured notes for future growth.
- Issuance of 14.2 million shares may lead to shareholder dilution.
Americold Realty Trust (NYSE:COLD) (the “Company” or “Americold”), the world’s largest publicly traded REIT focused on the ownership, operation, acquisition, and development of temperature-controlled warehouses, today announced that the Company has closed its acquisition of Agro Merchants Group.
In the transaction, Americold acquired a portfolio of 46 facilities, totaling 236 million refrigerated cubic feet, located in 10 countries. With the addition of the Agro facilities, Americold’s portfolio consists of 239 facilities totaling 1.41 billion refrigerated cubic feet, with a global network spanning four continents.
Citigroup acted as exclusive financial advisor to Americold. King & Spalding LLP and Freshfields Bruckhaus Deringer acted as legal advisors to Americold.
Concurrently with the close of the Agro transaction, the Company issued 14.2 million of its common shares to funds managed by Oaktree Capital Management, L.P. (“Oaktree”) and Agro management. These shares are subject to a lockup period until May 17, 2021. As of December 30, 2020, the Company’s common shares outstanding totaled 251.7 million shares, inclusive of the shares issued to Oaktree and Agro management, 31.9 million forward shares raised through the Company’s October 2020 equity offering and now settled, and 1.9 million forward shares issued on the Company’s
As of December 30, 2020, the Company’s remaining three outstanding forward equity tranches are as follows: 6.0 million, 2.4 million, and 4.8 million shares with a net share price of
The Company also closed on its institutional private placement of
Forward-Looking Statements
This press release contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on the Company’s beliefs, assumptions and expectations of its future financial and operating performance and growth plans, taking into account the information currently available to the Company. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause the Company’s actual results to differ materially from the expectations of future results the Company expresses or implies in any forward-looking statements, and you should not place undue reliance on such statements.
Words such as “anticipates,” “believes,” “continues,” “estimates,” “expects,” “goal,” “objectives,” “intends,” “may,” “opportunity,” “plans,” “potential,” “near-term,” “long-term,” “projections,” “assumptions,” “projects,” “guidance,” “forecasts,” “outlook,” “target,” “trends,” “should,” “could,” “would,” “will” and similar expressions are intended to identify such forward-looking statements. The Company qualifies any forward-looking statements entirely by these cautionary factors. Other risks, uncertainties and factors, including those discussed under the heading “Risk Factors” in the Company’s annual report on Form 10-K for the year ended December 31, 2019, in our Quarterly Report for the quarter ended March 31, 2020, in our Form 8-K filed April 16, 2020 and in our Form 8-K filed on October 13, 2020, could cause the Company’s actual results to differ materially from those projected in any forward-looking statements the Company makes. The Company assumes no obligation to update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
About Americold Realty Trust
Americold is the world’s largest publicly traded REIT focused on the ownership, operation, acquisition and development of temperature-controlled warehouses. Based in Atlanta, Georgia, Americold owns and operates 239 temperature-controlled warehouses, with over 1.4 billion refrigerated cubic feet of storage, in North America, Europe, Australia, New Zealand, and South America. Americold’s facilities are an integral component of the supply chain connecting food producers, processors, distributors and retailers to consumers.
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FAQ
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