Vertical Cold Storage, a developer and operator of temperature-controlled distribution centers sponsored by real estate investment firm Platform Ventures, has entered into an agreement to purchase MWCold, which operates more than 545,000 square feet of warehouse space at two facilities in central Indiana. Terms of the transaction were not disclosed.
The MWCold Indianapolis warehouse is a 390,000-square-foot multimodal facility with 33,000 pallet positions and 46 dock doors. It is dual rail served by CSX Corp. (NYSE: CSX) and Norfolk Southern Corp. (NYSE: NSC) and features blast freezing, export services and quick thaw operations.
The MWCold Pendleton facility, which is located northeast of Indianapolis, can handle a variety of temperature zones, including minus 20 degrees Fahrenheit for ice cream and other frozen products. It has 159,000 square feet, with 19,600 pallet positions and 15 dock doors.
Both locations are near five major interstates that intersect Indiana, enabling two-day or less service to more than 75% of U.S. and Canadian populations, MWCold said.
“MWCold is a fourth-generation, family-owned business infused with the spirit of entrepreneurship and a value system committed to serving their employees, customers, and community. We are committed to honoring the family legacy and taking MWCold to the next level,” said West Hutchison, president and CEO of Vertical Cold Storage.
Tim Siddiq, chairman and CEO of MWCold, will shift to an advisory capacity and said he will spend more time supporting Afghan and other refugees transition to the U.S. and “reach their full potential in a dynamic and growing business environment.”
The post Vertical Cold Storage acquires MWCold appeared first on FreightWaves.
