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.