Cloverleaf - Zero Mountain Cold storage giants merge
With around 4 mill. m3 of capacity in nine states, and a presence in all three major protein production corridors, the combined companies now comprise the fourth largest cold storage warehouse in North America. Terms of the transaction were not disclosed.
“I am so pleased with the teams in Iowa and Arkansas for working through the complex process of merging. They did it in under 60 days which speaks well of the administration and organization of both companies,” said Co-CEO Bill Feiges.
Zero Mountain was founded in 1955 by the Rumsey family. The business manages over 1 mill. m3 of total capacity in five cold storage warehouses, with expansions underway both in Arkansas and Texas. Cloverleaf was founded in 1952 by the Kaplan and Feiges families, and currently operates 19 warehouses with over 2.9 mill. m3 cubic feet of total capacity, across the Midwest and Southeast United States. Cloverleaf serves over 800 customers, many with whom the company has had a relationship for more than 30 years.
The combined companies will focus on continued growth with additions to facilities in Chesapeake, VA and North Little Rock, AR that have already broken ground. A new facility in Waco, TX is in the design phase and land has already been acquired for the project.
Alford Law and Dykema served as legal advisors to Zero Mountain during the transaction. Wells Fargo Securities served as financial advisor and Kirkland & Ellis LLP and Simpson Thacher & Bartlett LLP served as legal advisors to Cloverleaf.