Bay Grove Announces Acquisition of CityIce Cold Storage

Creates Leading Cold Storage Provider for Seattle Region Industry Veteran Pat Floyd hired to Lead West Coast Cold 

Seattle and San Francisco, January 7th, 2010 – Bay Grove, a principal investment firm based in San Francisco, California today announced that it has acquired CityIce Cold Storage,  a Seattle, Washington-based cold storage warehouse services company. The transaction was facilitated through Bay Grove’s holding company, West Coast Cold, LLC. West Coast Cold will oversee CityIce, as well as Seafreeze Cold Storage, which Bay Grove acquired in December 2008. 

This acquisition, which was financed by Chase Commercial Banking, brings CityIce and Seafreeze together under common management, making West Coast Cold the leading cold storage provider in the Seattle region. With more than 11 million cubic feet of cold storage and expanded services, West Coast Cold is well-positioned to provide broader solutions to frozen food customers. In addition, this transaction helps to ensure that the Port of Seattle remains a thriving center for commerce and jobs for the benefit of all stakeholders. Combined, these companies provide more than 140 full-time family wage jobs alongside processing operators, which provide over 750 jobs.

“Bringing these well established local operations together under the management of West Coast Cold provides customers with enhanced cold storage services and deepens our partnership with the Port of Seattle while allowing for greater investment in the facilities,” said Kevin Marchetti, Managing Director of Bay Grove. “CityIce has terrific employees and a great reputation – we are excited about this investment. We also look forward to continuing CityIce’s tradition of working with the Teamsters Local 117.” 

In connection with the CityIce transaction, Bay Grove also announced that it has appointed industry veteran Pat Floyd as President of West Coast Cold. Floyd will oversee West Coast Cold and help to continue its growth. Prior to joining West Coast Cold, Floyd held several key executive positions within the cold storage industry. These included Chief Operating Officer of Nordic Cold Storage, an operator of fourteen cold storage facilities based in Atlanta, Georgia and Executive Vice President of North American Operations at Total Logistics Control, a 3PL company with 34 distribution centers, a transportation fleet and manufacturing capabilities. He was also a board member of the World Food Logistics Organization from 2002 to 2008 and currently sits on the Council of Supply Chain Management Professionals and the Corporate Advisory Board of Voile Enterprises. 

Jack Rosling, CityIce’s founder and owner, will remain involved with West Coast Cold as an 
investor and strategic advisor. In addition, CityIce’s Kim Suelzle will have an expanded role in the management of both facilities as President of Seafreeze and CityIce. 

“This transaction puts CityIce under the solid stewardship of Bay Grove and West Coast Cold,” said Rosling. “I am confident that Pat, Kim and the West Coast Cold team will continue the tradition of excellence our employees, Kim and I have developed over the last 36 years at CityIce.” 

As part of the transaction, the Port of Seattle recently approved the transfer and extension of 
CityIce’s leases to West Coast Cold. 

“By bringing together two strong businesses, West Coast Cold will bolster economic growth, build value, protect jobs and generate revenue for the Port as a result of their long-term commitments,” said Charlie Sheldon, Managing Director of the Seaport Division at the Port of Seattle. 

In December 2008, Bay Grove acquired Seafreeze Cold Storage from Toyo Suisan Kaisha Ltd., a large, diversified food company based in Japan. Seafreeze was recently awarded $561,000 in stimulus loans from the U.S. Department of Energy to increase the energy efficiency of its facility. Through a series of equipment and facility upgrades, Seafreeze expects to reduce energy use by 23 percent.