The Scoop
Cold-storage operator Americold has fielded interest from multiple private-equity portfolio companies for its international business, at a valuation of around $1.5 billion, according to people familiar with the matter.
EQT-backed Constellation Cold and iSquared-backed CubeCold are among the firms that have expressed interest in buying Americold’s European operations, the people said.
At least one of bidders, whose name could not be learned, has expressed interest in both of Americold’s European and Asia-Pacific businesses.
Representatives for EQT and iSquared declined to comment. A representative for Americold did not immediately have comment. Americold, which is valued at about $3.7 billion, has been working with advisors at Bank of America to advise it on dealing with an activist investor, Ancora, which had been pushing the company to consider selling its overseas operations to focus on North America.
A representative for Ancora did not return a request for comment.
Both Constellation and CubeCold have reached out to Americold multiple times in recent months, some of the people said. Americold shares are down roughly 40% this year.
Know More
Americold operates hundreds of refrigerated storage facilities across the US, Europe and Asia, helping businesses move and store perishable goods in transit to supermarkets and restaurants. Last week, the company reached a settlement with Ancora, forming a finance committee and appointing two new directors.