Dear Valued Customer,
I write to you with exciting news. AGRO Merchants Group has signed a definitive agreement to be sold to Americold Realty Trust. Attached to this email is a copy of the press release that was issued this morning. The transaction is subject to customary closing conditions including regulatory approval, and we hope to complete the transaction in approximately 4-8 weeks. One important feature of the planned transaction is that Oaktree Capital Management – AGRO’s financial sponsor and majority owner – will be making a large financial investment in the combined business.
Americold is the world’s largest publicly traded REIT that focuses on the ownership, operation, acquisition and development of temperature-controlled warehouses. Based in Atlanta, GA (USA), Americold owns and operates 183 cold stores with over 1 billion refrigerated cubic feet of storage, in the United States, Australia, New Zealand, Canada, and Argentina (as of June 30, 2020).
AGRO was founded in 2013 with the goal of supporting the global food industry through an international network of cold stores. The AGRO-Americold combination represents a big step forward for us that will present many new and interesting opportunities in the years to come. Both companies are very complementary in terms of geographical footprint, customer base, capabilities, service offerings, commodity expertise and the immediate and longer-term potential that we will realize as a combined business. AGRO will also be in a better position moving forward to raise capital in order to better serve you through systems enhancements, new solutions, network integration, and growth projects.
I want to assure you that customer service will remain an absolute priority for us in the months ahead. If this transaction closes and we begin the process of integrating our companies, it will still remain business as usual for us. The entire team is committed to delivering the same consistency, attention to detail and reliability that you have come to expect from AGRO Merchants. In fact, the teams that manage your business, care for your products, and provide services in support of your supply chain are not changing.
In the coming days, your primary AGRO contact will reach out with additional details about the planned transaction. In the meantime, please do not hesitate to reach out with any immediate questions.On behalf of the entire team, I want to thank you for your confidence and trust in AGRO Merchants Group. We look forward to strengthening our partnership with you.
Chief Executive Officer