Brookfield Capital Partners III, the flagship private equity fund of Brookfield Asset Management, has acquired the Canadian logistics operations of Millard Refrigerated Services, launching a national cold storage company called Brookfield Cold Storage.
Through this acquisition, Brookfield Capital Partners is acquiring more than 16 million cubic feet of combined storage capacity in two state-of-the-art facilities in Toronto and Calgary that includes rapid freezing capability. It intends to grow the company using its existing national scale through acquisitions, organic growth as well as expanded service offerings. Terms of the transaction were not disclosed.
“We are pleased to have completed the Millard acquisition and announce the creation of Brookfield Cold Storage. This acquisition is consistent with our objective of investing in high quality, competitive businesses with positive growth fundamentals. These are premiere assets with a national footprint and we are actively seeking additional opportunities to build out the Brookfield Cold Storage platform,” says David Nowak, managing partner of Brookfield.
“These assets are situated in key markets and have a valued customer base which will serve us well as a platform in which we can grow the business. We look forward to working with and supporting the experienced management team and employees of the business. Our focus will be on customer service and operating efficiencies in order to build out our competitive position in a growing market,” says Pierre McNeil, chief operations officer of Brookfield’s private equity group.
Brookfield Capital Partners III is a North American based multi-strategy private equity fund focused on acquiring and building high quality businesses where operational improvement is the primary driver of value creation. The fund seeks investments that include buyouts and corporate carve-outs; convertible, senior and mezzanine financings; and restructurings and recapitalisations.
