Strategic acquisition enhances Brazil market position and provides long-term growth and synergy opportunities.
Emergent Cold LatAm, one of the largest providers of temperature-controlled food storage and logistics solutions in Latin America, announced today that it has entered into a definitive agreement to acquire Comfrio, currently controlled by a private equity fund managed by Aqua Capital. The transaction is subject to customary and regulatory closing conditions.
Acquired in August 2023 by Aqua Capital’s third fund, in partnership with the company’s management team, Comfrio has a history of nearly 30 years and is one of the leading temperature-controlled food logistics companies in Brazil. Its portfolio includes 24 sites and about 420,000 pallet positions, representing more than two million cubic meters of total storage capacity. The transaction involves the acquisition of Comfrio, except for its food service unit, which will remain under the control of Aqua Capital.
“The acquisition of Comfrio is an important step forward in our Brazil growth strategy,” said Evandro Calanca, Managing Director of South Cone for Emergent Cold LatAm. “This transaction diversifies our overall business profile by adding domestic distribution to complement our existing export operations. In addition, the business combination expands our overall customer base while strengthening our relationships with key customers. I see many compelling synergy opportunities to explore as we integrate the two companies. We are excited to welcome the Comfrio team to Emergent Cold LatAm.”
Upon closing, Emergent Cold LatAm’s Brazil portfolio, including leased and managed sites, will consist of 38 facilities and approximately 2.9 million temperature-controlled cubic meters of storage. This transaction expands the Company’s strategic footprint to a total of 12 States throughout Brazil, including a new presence in Minas Gerais and Ceará.
44 Capital Finanças Corporativas acted as financial advisor to Emergent Cold LatAm. Bronstein, Zilberberg, Chueiri & Potenza Advogados and Lefosse Advogados acted as legal advisors to Emergent Cold LatAm.
Itaú BBA acted as financial advisor to Comfrio. The law firm Candido Martins Cukier provided legal counsel to Comfrio.
