San Francisco, CA and Burlington, WA January 6th, 2011 – Bay Grove, a principal investment firm based in San Francisco today announced that it has acquired the assets of Terminal Freezers, Inc. (“Terminal Freezers” or the “Company”), a cold storage company headquartered in Washington with facilities in California, Oregon and Texas. Terminal Freezers will join Bay Grove’s portfolio of cold storage companies, which includes Flint River Services and West Coast Cold, parent of CityIce and Seafreeze Cold Storage. Combined these companies have total capacity of over 75 million cubic feet (3.3 million square feet) implying a rank of 7th on the International Association of Refrigerated Warehouses (IARW) Global Top 25 List. Financial terms of the transaction were not disclosed.
With over 32 million cubic feet of temperature controlled storage capacity, Terminal Freezers is Bay Grove’s largest acquisition to date and follows the acquisition of Flint River by approximately two months. As one of the country’s leading independent cold storage companies, Terminal Freezers operates facilities in the cities of Oxnard, Watsonville, Salem, Brooks and San Antonio. The Company has been an integral provider of cold storage solutions to growers, processors and distributors in the fruit, produce, seafood, and other frozen foods industries for over two decades. Key management, including President Tim Dayton and CFO Todd Nelson, will continue to run the Company and the Dayton family will remain significant investors in the new holding entity, Terminal Freezers Holdings.
“Terminal Freezers has a superb reputation and great management,” said Kevin Marchetti, Managing Director of Bay Grove. “This is another important step for us in this industry and we look forward to increasing the Company’s national presence and building on its strong geographic footholds.”
“The transaction with Bay Grove enhances Terminal Freezer’s ability to grow with our customers,” said Lowell Dayton, founder of Terminal Freezers. “I am confident the Terminal team will continue the tradition of excellence our Company has developed over the last 27 years.”