Americold Realty Trust, the world’s largest publicly traded REIT focused on the ownership, operation and development of temperature-controlled warehouses, announced today that the Company has acquired privately-held Lanier Cold Storage for $82 million.
Lanier Cold Storage consists of two temperature-controlled storage facilities, which total over 14 million refrigerated cubic feet and approximately 51,000 pallet positions. The facilities, located in Gainesville, Georgia and Lula, Georgia, are served by major highways and railways and are designed to supply poultry and other products to markets across the U.S. The acquisition will complement Americold’s existing 3.8 million refrigerated cubic foot facility in Gainesville, which is considered by many to be the “poultry capital of the world.” The poultry industry contributes over $18.4 billion to the Georgia economy each year¹.
“We welcome Lanier Cold Storage and its associates to the Americold family. We admire and respect the business that Lanier’s owners – Larry Glover and Preston Bowen – have built and appreciate their great reputation in the poultry industry. We intend to enhance Lanier’s business model by leveraging Americold’s commercial platform and the Americold Operating System (AOS),” said Fred Boehler, President and Chief Executive Officer of Americold Realty Trust.
The returns for the acquisition are consistent with the Company’s stated return expectations for such projects upon integration.
Preston Bowen, Lanier Cold Storage’s Owner and CEO, commented: “When Larry and I founded Lanier Cold Storage in 2000, our vision was to create a company that offered cold storage solutions by emphasizing operational excellence and unwavering customer service. We are thrilled to partner with Americold and believe that this transaction will provide enhanced opportunities for both our customers as well as our Lanier Cold Storage Associates.”
Source: GCCA