Emergent Cold Latin America recently unveiled its latest acquisition, which is Mexican cold storage company, Bajo Cero Frigoríficos, according to a press release.
"We are proud to add Bajo Cero to our regional network, a company known throughout the cold chain market for its excellent customer service,” David Palfenier, president of Emergent Cold Latin America, said. “This transaction is a bold first step for us in this important market.”
Considered a crucial component of Emergent's regional investment strategy, the company’s Mexican operations will be led by Bajo Cero managing director, Fernando León Rodriguez.
“Mexico is a central part of our Latin America investment strategy due to its size, scale and attractive export and food consumption trends,” said Neal Rider, CEO of Emergent Cold Latin America. “We see a unique opportunity to build the most modern and fully integrated refrigerated logistics network third party in Mexico. We are excited to welcome the Bajo Cero team into our growing network, and we look forward to supporting capacity expansion at several warehouses in key locations.”
44 Capital Finanças Corporativas contributed to the transaction as financial advisor, while Creel, García-Cuéllar, Aiza y Enríquez acted as legal advisor.
“Mexico is the second largest economy and second most populous country in Latin America, with connectivity to the Atlantic and Pacific Oceans via important port locations,” a recent press release states. “Further, Mexico is an important partner to the United States due to its geographic location, free trade agreements and central role in the global food trade.”
The addition marks Emergent’s official entry into Mexico, and 23rd cold storage facility across 10 countries, with four other facilities currently under construction.
Founded in 1999 by Fernando León Alatorre, Bajo manages three modern facilities based in Irapuato, Villagran and León. The company’s capacity count exceeds 37,000 pallet positions, blast freezers and ample land for further expansion. The facilities will allow Bajo Cero to leverage regional processing plants and packers for North American brands.
“This business combination gives our customers access to a broad network of facilities, as well as new technology, investment capital and cold chain best practices,” Fernando León Alatorre, president of Bajo Cero said. “It is an honor to collaborate with the Emergent Cold Latin America team with the goal of delivering the highest quality service offerings in the marketplace, so many good things to come.”