King & Spalding advised Americold Realty Trust (NYSE: COLD) as it entered into a definitive agreement to acquire privately-held Cloverleaf Cold Storage from Cloverleaf management and an investor group managed by Blackstone (NYSE: BX) for a purchase price of $1.24 billion.
Americold is the world’s largest owner and operator of temperature-controlled warehouses. It operates a global network of high-quality warehouses in the United States, Australia, New Zealand, Argentina and Canada. Cloverleaf is the fifth largest cold storage provider in the United States by refrigerated cubic feet. Cloverleaf consists of 22 facilities located in nine states across the Central and Southeastern United States. These facilities are complementary to Americold’s existing geographic reach and will expand Americold’s focus in the growing protein business segment.