Emergent Cold Latin America, the fastest-growing refrigerated storage and logistics service provider in Latin America, announced that it has signed a definitive agreement to acquire the cold storage operations of Frigorifico Modelo (Frimosa), a leading agro-industrial and logistics company based in Montevideo, Uruguay. This transaction is subject to customary closing conditions – including approval at an Extraordinary General Meeting of Frimosa’s shareholders – and it is expected to close in December 2022.
As part of the proposed transaction, Emergent Cold LatAm will acquire Frimosa’s main facility in Polo Oeste, consisting of a warehouse with 22,000 pallets of cold storage, a separate bonded warehouse and substantial land for expansion. Additionally, Emergent Cold LatAm will acquire a newly-constructed 8,400 pallet warehouse located in Asunción, Paraguay.
The acquisition of Frimosa’s cold storage operations will expand Emergent Cold LatAm’s existing capabilities in Uruguay. In May 2022, the Company completed the acquisition of Montevideo-based Polo Logístico de Frio. This investment included plans to expand PLF’s facility to double its current size, creating operational improvements and enhanced service offerings.
“We believe that the addition of Paraguay and the expansion of our footprint in Uruguay will strengthen our portfolio of services in the region, which includes warehousing and transportation”, said Neal Rider, CEO of Emergent Cold LatAm. “Some of our important customers in Brazil also operate in Paraguay and Uruguay”, added Rider.
"We are proud to welcome Frimosa´s employees into the Emergent Cold family", said Evandro Calanca, Managing Director of Brazil, Uruguay, and Paraguay. "Such an impressive company and founders, it is no surprise they have built an outstanding business and such strong customer relationships. We are honored to be entrusted to build further on this legacy of excellence", added Calanca.
