Emergent Cold Latin America Acquires Multifrigo
Acquisition and planned expansion project consolidate presence in Chile and add significant new capacity in key metropolitan area of Santiago.
SÃO PAULO, February 01, 2023--(BUSINESS WIRE)--Emergent Cold Latin America (Emergent Cold LatAm), the fastest-growing refrigerated storage and logistics service provider in Latin America, announced today the acquisition of Multifrigo, a leading operator in Santiago – Chile’s capital and largest city. Emergent Cold LatAm also announced plans to expand Multifrigo’s main automated facility in El Olivo to 35,000 pallet positions or triple its current size, creating additional capacity and service offerings.
Multifrigo was founded in 1987 by the Lyng family, and then further developed by Carlos and Jorge Lyng with important contributions from minority partners, the Falcone and Pavez families. Today Multifrigo operates three facilities and close to 25,000 pallet positions of storage. Multifrigo has earned a reputation as one of the most innovative logistics companies in Chile. Its newest facility in El Olivo – located 15 kilometers from downtown Santiago – is 100% automated and allows Multifrigo to offer tailor-made solutions to its customers, along with value-added services such as picking, cross-docking and packing. The Company’s second facility is nearby in Maipu, and the third facility is in Casablanca – strategically located between Santiago and the Ports of Valparaiso and San Antonio.
Emergent Cold LatAm will immediately commence a fully automated 24,500-pallet expansion of Multifrigo’s facility in El Olivo. This investment will add significant capacity in a key metropolitan market and valuable new service offerings for customers.
Chile is an important market for Emergent Cold LatAm, as it continues to be a major food source for the world. The Company’s first investment was in November 2021 with the acquisition of Friopacífico in Chile’s Eighth Region of Biobío. In September 2022, Emergent Cold LatAm announced the construction of a new 37,000-pallet facility located in Talcahuano, which will open in January 2024 and increase capacity in this market by more than 65%.
"Multifrigo is a perfect fit for our investment strategy in Chile," said David Palfenier, President of Emergent Cold LatAm. "It is a market leader in an important metropolitan area with strong customer relationships. Just as important is their commitment to innovation and sustainability, which are core values of Emergent Cold LatAm. I wish to congratulate Carlos and Jorge Lyng on their great success. We are proud to add Multifrigo to our growing Latin America network."
44 Capital Finanças Corporativas acted as financial advisor and NLD Abogados acted as legal advisor to Emergent LatAm.
About Emergent Cold LatAm:
Emergent Cold Latin America (www.emergentcoldlatam.com) is building the highest-quality cold chain network to provide end-to-end temperature-controlled logistics solutions to their customers across Latin America. The company was founded to cover the need for modern cold chain solutions in the market and to meet the increasing demand from domestic and global customers. Emergent Cold LatAm currently operates 25 cold storage facilities, more than 500 trucks, and four facilities now under construction to complete a total of 10 countries across Latin America.
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Emergent Cold LatAm
Rafael Rocha - email@example.com - +507 6747-8153
Commercial Vice President