Vertical Cold Storage, a developer and operator of temperature-controlled distribution centers sponsored by real estate investment firm Platform Ventures, finalized the purchase of MWCold, operator of two strategically located temperature-controlled warehouse facilities in central Indiana. Terms of the deal were not disclosed.
“We are excited to welcome the MWCold team to Vertical Cold and provide them with the opportunity to continue to grow personally and professionally as we serve our customers by embracing the unique complexities of the temperature-controlled supply chain. We are a team of cold storage veterans focused on integrating the people, processes and technology of our growing network as quickly as possible so we can deliver a consistent level of quality service throughout our network,” said West Hutchison, President and CEO of Vertical Cold Storage.
“The MWCold acquisition serves as an excellent example of how the experienced team at Vertical Cold and Platform Ventures can perform due diligence quickly and discreetly to ensure sellers maximize their value with a well-capitalized company that will honor their legacy and provide new opportunities to all stakeholders.”
The MWCold Indianapolis warehouse is a 390,000 sf /10.1M cf multi-modal facility with 33,000 pallet positions and 46 dock doors. It is dual rail-served by CSX and Norfolk Southern, and features blast freezing, export services and quick thaw. The MWCold Pendleton warehouse is northeast of Indianapolis and can handle a variety of temperature zones, including -20°F for ice cream and other frozen products. It is 159,000 sf / 5.3 M cf, with 19,600 pallet positions and has 15 dock doors.
“The close of this transaction helps leverage Vertical Cold’s position within the industry and establishes the company as a premier service provider. We look forward to further expanding the facilities network and enhancing the support offering for both current and potential customers,” said Ryan Anderson, Co-President & Co-Founder of Platform Ventures.
