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Private equity firm buys cold storage biz

Andy Taylor May 7, 2009 1

Richmond Cold Storage Co. Inc., a 102-year-old firm based here, was sold Wednesday to Atlanta Equity Fund LP for an undisclosed sum.

Richmond Cold Storage is a privately held company with a network of warehouses with approximately 49-million-cubic feet of refrigerated space in states throughout the Southeast.

Current management will continue to run the Richmond Cold Storage facilities, according to a press release issued by Atlanta Equity.

An executive at Richmond Cold Storage said Wednesday afternoon that no one was available to answer questions about the sale of the company.

Hoover’s, a Dun and Bradstreet company that issues corporate reports, said Richmond Cold Storage did $30.9 million in sales and had 225 employees in 2007.

“The transaction with Atlanta Equity provides the capital and board level support to allow RCS to continue aggressively pursuing warehousing and logistics opportunities with new and existing customers as well as entertain attractive acquisition opportunities,” RCS President Mike McClendon said in the release.

Atlanta Equity Co-Managing Partner David Crosland said “My partners and I look forward to working closely with the RCS management team to support and expand upon RCS’s tradition of delivering innovation and superb service.”

Atlanta Equity is a private equity firm with $109 million in capital and is focused on investments in the Southeast. It was established in 2007.

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One Comment »

  1. MattB May 7, 2009 at 7:01 am - Reply

    Isn’t that a photo of the former Cold Storage property in Shockoe Bottom? If so, those buildings were sold to a developer years ago and have nothing to do with the Cold Storage Co., Inc.

    Speaking of the Shockoe property, I’d love to know the status of that development. It’s supposed to have a brewery in it!

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