San Francisco, CA and Albany, GA December 2nd, 2010 – Bay Grove, a principal investment firm based in San Francisco today announced that it has acquired Flint River Services, Inc. (“Flint River” or the “Company”), a Georgia-based cold storage company. The acquisition was facilitated through the holding company Southeast Cold, LLC, and adds to Bay Grove’s portfolio of cold storage companies, which includes West Coast Cold, LLC–parent of CityIce and Seafreeze Cold Storage—the largest cold storage company in Seattle. Financial terms of the transaction were not disclosed.
With over 30 million cubic feet of temperature controlled storage capacity, Flint River is one of the country’s largest independent cold storage companies. The Company operates Georgia-based campuses in Albany, Unadilla and Rincon/Savannah and has provided outstanding cold storage services to customers in the poultry, peanut, blueberry, and frozen food industries for over 18 years. Key management will remain with the Company and the business will continue to operate as Flint River Services.
“Flint River has an unparalleled reputation in both its region and the industry,” said Kevin Marchetti, Managing Director of Bay Grove. “We are excited to be working with Flint River to build on its legacy of success, deliver customers the highest quality of service and provide employees with a rewarding and safe work environment.”
“We are pleased to have found a buyer like Bay Grove that recognizes our strengths and is committed to building on the best of Flint River,” said Lem Griffin, president, CEO and co-founder of Flint River Services. “This transaction will allow us to better serve our loyal customers and to embark on an expansion of our facility in Savannah.”