Americold Realty Trust (Americold) entered into a definitive agreement to acquire privately held Chiller Holdco LLC (Cloverleaf Cold Storage) for $1.24 billion. Cloverleaf, Sioux City, Iowa, is the fifth-largest cold storage provider in the United States by refrigerated cubic feet. The portfolio to be acquired consists of 22 facilities in nine states totaling 132 million refrigerated ft3.

The acquisition enhances Americold’s position as a global owner and operator of temperature-controlled infrastructure. Upon closing, which is subject to customary closing conditions and is expected to occur in the second quarter of 2019, Americold’s portfolio will consist of over 1 billion refrigerated ft3.