CORRECT and REPLACE emerging cold Latin America acquires Frigometro
Sao Paulo, Brazil–(BUSINESS WIRE)–The fourth paragraph should read: With the addition of Frigometro, Emergent LatAm now operates 13 cold storage facilities, with three more facilities currently under construction, in a total of seven countries (instead of Emergent LatAm now operates 10 cold storage facilities. .).
The updated version reads as follows:
EMERGING COLD LATIN AMERICA ACQUIRES FRIGOMETRO
Addition of Colombian market leader and entry into Latin America’s fourth largest economy.
Emergent Cold Latin America (Emergent LatAm), the fastest growing cold storage and logistics services provider in Latin America, today announced the acquisition of Frigorifico Metropolitano (Frigometro), the leading operator of cold storage in Colombia, with four locations in key markets across the country. This acquisition marks Emergent LatAm’s entry into Colombia – one of Latin America’s largest and fastest growing economies – and represents the first of many planned investments in this important food export market. Frigometro’s management team will remain with the company to ensure business continuity and continued growth.
Founded in 1992 by entrepreneur Gonzalo Diaz, Frigometro operates over 29,000 pallet positions in four industry-leading warehouses in strategic locations: Cartagena, Buga, Bucaramanga and Bogotá. Each site offers room for growth, with an extension of 4,000 pallets now online in Bucaramanga and several projects planned for later this year. These facilities serve the largest ports and metropolitan areas in Colombia, allowing Frigometro to equally support the domestic distribution market and export activities. The company offers a full range of value-added storage and logistics services such as freezing and handling, and operates an inland transportation business.
Colombia is an important part of Emergent LatAm’s regional investment strategy. It is the fourth largest economy and the third most populous country in Latin America, with geographical connectivity to the Atlantic and Pacific oceans through four main ports. In addition, Colombia is an important member of the global food trade, having set a new record in 2021 for the total amount of food exports.
With the addition of Frigometro, Emergent LatAm now operates 13 cold storage facilities, with three more facilities currently under construction, in a total of seven countries.
“We are proud to welcome the Frigometro team to our growing platform in Latin America,” said Neal Rider, CEO of Emergent LatAm. “I am extremely impressed with the strength of his management team and the high quality of the company’s asset base. We look forward to making additional investments in Colombia to accelerate the growth of Frigometro and our entire regional network. I would also like to thank Gonzalo Diaz for the opportunity to proceed with this transaction and for building an exceptional company recognized for its innovation and quality of service.
“We feel very fortunate that Emergent Cold Latin America has chosen to enter Colombia by acquiring Frigometro,” said Gonzalo Diaz. “We are sure it will be a great alliance that will take refrigerated logistics in Colombia to another level.”
44 Capital Finanças Corporativas and Scotiabank acted as financial advisors and Brigard Urrutia acted as legal advisor to Emergent LatAm.
About Emergent Cold LatAm:
Emergent Cold Latin America (www.emergentcold.com) is building a world-class, end-to-end cold storage chain to provide integrated chilled food logistics solutions to customers throughout Latin America. The company was founded to meet the needs of modern solutions in the cold chain and the growing demand of domestic and foreign trade customers.