Atlanta Equity Buys Richmond Cold Storage

Atlanta Equity Fund has acquired Richmond Cold Storage Inc., a Richmond, Va.-based operator of a network of refrigerated warehouse space. No financial terms were disclosed. 

 

PRESS RELEASE

Atlanta Equity Fund, LP (“Atlanta Equity”) announced today its affiliate has acquired Richmond Cold Storage Company, Inc. (“RCS”). RCS, headquartered in Richmond, Virginia, operates a network of owned, leased and managed temperature-controlled warehouses totaling approximately 49 million cubic feet of refrigerated warehouse space stretching from Virginia to Alabama. RCS provides contract and public warehousing and warehouse management services to a broad range of companies with a concentration of global Fortune 500 clients. Current management will continue to run the existing facilities and provide the superior service that its customers have come to expect from RCS for over 100 years.

 

Atlanta Equity Co-Managing Partner, David Crosland, commented, “My partners and I look forward to working closely with the RCS management team to support and expand upon RCS’s tradition of delivering innovation and superb service while effectively acting as an extension of their customers’ logistics departments.” Mike McClendon, President of RCS added, “The transaction with Atlanta Equity provides the capital and board level support to allow RCS to continue aggressively pursuing warehousing and logistics opportunities with new and existing customers as well as entertain attractive acquisition opportunities.” Frank (“Pepper”) Laughon, Jr., Chairman Emeritus, noted, “The Atlanta Equity transaction is the culmination of a long-planned process to find the ideal financial partner who shares the same passion for supporting and expanding RCS’s customer relationships, many of which span decades. I am looking forward to continuing to support RCS with a particular emphasis on strategic customer relationships and acquisitions.”

 

 Smith, Gambrell & Russell, LLP served as legal counsel to Atlanta Equity. Cary Street Partners served as the exclusive financial advisor to Atlanta Equity. RCS was represented by McGuireWoods LLP as legal counsel.

 

About Atlanta Equity

 

Atlanta Equity is a private equity firm with $109 million in capital under management, focused on making investments in growth companies primarily in the Southeast. Established in 2007, Atlanta Equity focuses on deploying capital in lower middle market companies with revenues between $20 million and $200 million and EBITDA greater than $5 million. The firm particularly favors investments in business and healthcare services, specialty manufacturing, technology, consumer products and services, and selectively retail.

 

For more information please visit www.atlantaeq.com.

 

About Richmond Cold Storage Company

 

Established in 1907 and headquartered in Richmond, Virginia, RCS provides third party temperature controlled warehousing, distribution and logistical services for a multitude of food processors and distributors. These services are provided through dedicated and public distribution facilities that are developed around the customer’s specific needs and requirements necessary to meet their supply chain objectives.

 

For more information please visit www.richmondcold.com.