Bay Grove Capital LLC, a San Francisco CA-based principal investment firm, has acquired the assets of Terminal Freezers Inc, a cold storage company headquartered in Burlington WA with facilities in California, Oregon, and Texas.
Terminal Freezers will join Bay Grove’s portfolio of cold storage companies, which includes Flint River Services and West Coast Cold, parent of CityIce and Seafreeze Cold Storage. Combined these companies have total capacity of more than 75 million cubic feet (3.3 million square feet) implying a rank of seventh on the International Association of Refrigerated Warehouses (IARW) Global Top 25 List. Financial terms of the transaction were not disclosed.
With more than 32 million cubic feet of temperature-controlled storage capacity, Terminal Freezers is Bay Grove’s largest acquisition to date and follows the acquisition of Flint River by about two months. A leading independent cold storage company, Terminal Freezers operates facilities in the cities of Oxnard, Watsonville, Salem, Brooks, and San Antonio. The company has been an integral provider of cold storage systems to growers, processors, and distributors in the fruit, produce, seafood, and other frozen foods industries for more than two decades.
Key management, including President Tim Dayton and Chief Financial Officer Todd Nelson, will continue to run the company. The Dayton family will remain significant investors in the new holding entity, Terminal Freezers Holdings.