Americold entered into a strategic joint venture to own approximately 15 percent of SuperFrio Armazéns Gerais SA, a temperature-controlled storage operator in Brazil, for approximately $28 million. The closing of this transaction is expected to occur in the first quarter of 2020. SuperFrio currently operates 16 facilities, totaling 35.1 million ft3 of refrigerated space.
Americold will gain a seat on SuperFrio’s Board of Directors and retains the exclusive right to acquire the remaining ownership in the company during a designated exercise window starting in 2023. Brazil is the ninth largest economy in the world and a key market in the global food chain as a leading exporter of beef and poultry.