Key Takeaways
Americold Realty Trust (NYSE: COLD) is selling a majority stake in 12 of its facilities to private equity firm EQT in a $1.3 billion joint venture designed to slash debt and create a new platform for future growth in the cold storage sector.
"This joint venture is an important strategic step for Americold, significantly strengthening our balance sheet," Rob Chambers, CEO of Americold, said in a statement. The partnership aligns the company with a strong partner who recognizes the growth opportunities in the business, he added.
The deal places a total value of more than $1.3 billion on the 12 U.S.-based cold storage facilities, which total approximately 124 million cubic feet of capacity. EQT will acquire a 70% interest, while Americold will receive approximately $1.1 billion in net cash proceeds and retain a 30% equity stake. The cap rate for the transaction was not disclosed.
The transaction, expected to close in the third quarter of 2026 subject to regulatory approvals, allows Americold to de-lever its balance sheet while creating a new vehicle with a well-capitalized partner to pursue growth. Americold will serve as the day-to-day manager of the properties, ensuring operational continuity.
The $1.1 billion in expected net proceeds are earmarked for repaying outstanding debt, a move that provides the real estate investment trust with significant financial flexibility. This infusion of capital comes from a non-dilutive source, allowing the company to strengthen its financial position without issuing new stock.
The joint venture itself is expected to be one of the largest cold storage operators in North America. Beyond the initial 12 facilities, both companies intend to use the platform for future development, leveraging Americold's industry expertise and EQT's experience in scaling infrastructure assets.
"This partnership reflects EQT's conviction in cold chain infrastructure as an essential, resilient sector with strong long-term fundamentals," said Benjamin Bygott-Webb, a Partner at EQT.
Americold, a global leader in temperature-controlled logistics, operates more than 220 facilities. EQT is a global investment organization with EUR 269 billion in total assets under management as of March 31, 2026.
Eastdil Secured LLC served as Americold's financial advisor, while J.P. Morgan Securities LLC and Morgan Stanley advised EQT.
This article is for informational purposes only and does not constitute investment advice.
