Cold Storage Becoming a Hot Property Investment

The Blackstone Group (NYSE:BX), which reportedly attempted to buy one cold storage warehouse operator earlier this year, has found a willing partner in another.

Sioux City, IA-based Cloverleaf Cold Storage has agreed to a recapitalization that will see private equity funds affiliated with Blackstone make a majority investment in Cloverleaf alongside the firm’s existing Feiges and Kaplan family shareholders, who will continue to operate the business post-closing. Terms of the transaction were not disclosed.

Meanwhile, Atlanta-based Americold Corp., the world’s largest owner and operator of temperature-controlled warehouses, filed an initial public offering this week to form a new REIT called Americold Realty Trust. It was previously reported that Americold turned down a $3 billion buyout bid from Blackstone this past September, according to Frozen & Refrigerated Buyer magazine and other news reports.

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