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Emergent Cold Latin America Acquires Friopacífico
Friday 26 November 2021

Brazil-based temperature-controlled warehousing and logistics provider Emergent Cold Latin America has acquired Chilean cold storage business Friopacífico, the company said.

This acquisition marks Emergent LatAm's entry into Chile, a major global food export market. Joaquin Del Campo, general manager of Friopacífico, will continue to manage the business as part of the Emergent LatAm leadership team.

Friopacífico operates over 47,000 pallet positions across three facilities located in Talcahuano and San Pedro de la Paz, close to the main ports in Chile's Eighth Region of Biobío.

The company provides a full range of storage and value-added services, including product haulage, reefer connections, online stock monitoring and photographic reporting.

As part of the Emergent LatAm network, Friopacífico will embark upon an ambitious growth plan that includes additional storage capacity and blast freezing capability.

Chile is an essential part of the global food trade. It currently holds the world's largest horse mackerel quota and is second in global salmon production.

These exports and others such as mussels and trout are expected to grow in the coming years. Notably, Blumar Seafoods a leading fishing and aquaculture organization is part of the company's prior ownership group and will remain as an important client of Friopacífico.

In addition to seafood, Chile is a significant exporter of fruit.

According to Mark Stengel, general manager of Inversiones Galletué, the fact that Emergent LatAm is one of the leading cold storage and logistics companies in the industry strongly influenced the decision to sell the company, thus ensuring continuity of the excellent service the company currently provides to its customers. In addition, he highlighted the company is expected to grow rapidly.

44 Capital Finanças Corporativas acted as financial advisor and NLD Abogados acted as legal advisor to Emergent LatAm.

Debt financing for the transaction was provided by Scotiabank.
Date Published: 26/11/2021