Vertical Cold Storage, a developer and operator of temperature-controlled distribution centers sponsored by real estate investment firm Platform Ventures, recently entered into an agreement to purchase MWCold, which operates more than 545,000 sq. ft. of warehouse space at two facilities in central Indiana.
“We are excited to be partnering with Tim Siddiq and the MWCold team,” West Hutchison, president and CEO of Vertical Cold Storage, said in a news release. “MWCold is a fourth-generation, family-owned business infused with the spirit of entrepreneurship and a value system committed to serving their employees, customers, and community.
“We are committed to honoring the family legacy and taking MWCold to the next level.”
The MWCold Indianapolis warehouse is a 390,000-sq.-ft., multi-modal facility with 33,000 pallet positions and 46 dock doors. It is dual rail-served by CSX and Norfolk Southern, and features blast freezing, export services, and quick thaw.
The MWCold Pendleton facility is northeast of Indianapolis and can handle a variety of temperature zones, including minus 20 F for ice cream and other frozen products. It spans 159,000 sq. ft., with 19,600 pallet positions and 15 dock doors.
Both locations are near five major interstates that intersect Indiana, enabling service in two days or less to more than 75% of U.S. and Canadian populations, Vertical said.
“MWCold’s pursuit of excellence is built on strong core values and solid operating principles,” said Tim Siddiq, chairman and CEO of MWCold, who will transition to an advisory capacity. “Providing a family environment where our employees can find acceptance, opportunity, and purpose defines our mission. With Vertical Cold, we have found a team we trust to hand over the company my grandfather founded more than 70 years ago.
“Personally, the move allows me to spend more time on mission activities like supporting Afghan and other refugees’ transition to the U.S., and [reaching] their full potential in a dynamic and growing business environment.”