Bay Grove Announces Acquisition of Seafreeze Cold Storage

Seattle and San Francisco, January 13th, 2009 – Bay Grove, a specialized principal investment firm based in San Francisco, today announced that it will acquire Seafreeze Cold Storage (“Seafreeze” or the “Company”), a subsidiary of Toyo Suisan Kaisha, Ltd. (“Toyo Suisan”), the Japanese food company. Bay Grove acquired Seafreeze through West Coast Cold, LLC and the transaction was financed by Bank of America. Financial terms of the transaction were not disclosed. 

Seafreeze is the largest public refrigerated warehouse (“PRW”) company in the Port of Seattle and one of the largest facilities in Puget Sound. It has provided outstanding cold storage services to seafood, meat and baked goods companies since 1978. In 2009 Seafreeze’s current management team will implement a new long-term investment program as well as renew its emphasis on core aspects of the business. 

“Seafreeze has a great reputation and long track record of success,” said Kevin Marchetti, a 
managing director of Bay Grove. “We’re looking forward to further strengthening Seafreeze’s focus on delivering customers the highest level of service and providing employees with the most rewarding and safest work environment as we continue to grow the business.” 

“We are excited to work with Bay Grove and the opportunities it will enable,” said Bill Bowman, 
General Manager of Seafreeze. “We have enjoyed 17 years of strong growth as part of Toyo Suisan. This transaction begins a new era for for our company, a chance to leverage Bay Grove’s experience and take Seafreeze to the next level.”