Sao Paola, a Brazil-based provider of refrigerated storage and logistics solutions, and Emergent Cold LatAm raised USD 500 million in funding. The round took place on December 7, 2023. Stonepeak Partners LP, Lineage and Losa Group led the financing for the company. Meanwhile, new and existing investors also joined in the financing.
Purpose of financing for Emergent Cold LatAm
With the latest capital, Emergent Cold LatAm has plans to continue expanding its regional cold storage network. It seeks to achieve this via its deep investment pipeline across business acquisitions, greenfield projects as well as expansions of existing facilities.
In addition, the company also plans to use some of this capital to invest in technology. It also seeks to deply fund towards the best practices to ensure the highest levels of operational standards and customer service.
What the company’s official has to add
Neal Rider, CEO of Emergent Cold LatAm, said, “This equity raise validates the strength of our investment thesis and demonstrates our investors’ confidence in the Company’s business and management team. We proudly advance our mission to reshape the future of food chain logistics across Latin America for the benefit of our customers, employees and the communities where we invest.”
Rider further added, “The investment opportunity is substantially greater than our original assumptions. Latin America is an essential part of the global food trade, and I believe this trend will grow as the region benefits from more modern logistics infrastructure and focus on food safety. We expect to continue capital deployment at current levels for the foreseeable future with a good balance between strategic acquisitions and new builds.”
About the company
Neal Rider launched the company. The company is the largest provider of refrigerated storage as well as logistics solutions in Latin America and the Caribbean. The firm seeks to meet the need for modern cold chain solutions in the market. It also seeks to cater to the growing demand from local and global customers. Its main investors are Stonepeak and D1 Capital.
So far, Emergent Cold LatAm has completed eighteen acquisitions. It also completed two new construction projects, with an additional nine greenfields in active development. The Company currently operates more than 70 warehouses totalling more than 5.4 million cubic meters of storage capacity (including projects under construction) spanning 11 countries across Latin America. The latest financing brings the total equity raised since July 2021 to USD 1.2 billion.
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