Industry: Controlled Temperature Logistics
Investment Date: 2010 (2008 by Inter-Risco)
Exit Date: 2017
Exit Type: Trade Sale
Stake: 80%

Cold Land is the holding company of Frissul and Frigomato, being the leading cold storage operator in Portugal and a key player in the Iberian Peninsula. The cold logistics segment of the transport and logistics market is highly fragmented with high barriers to entry due to significant start-up costs, complex operational management know-how and strong customer loyalty. The market has been growing and is a high value-added market with clear scope for consolidation and expansion. Considering those market features Inter-Risco identified an opportunity to develop a build-up strategy within both the cold storage and distribution segments.

Inter-Risco’s entry in the industry took place in 2008 when, together with Inovcapital (currently Portugal Ventures), it acquired Frissul, one of the major players operating in the controlled temperature warehousing and transportation services market in Portugal, holding the largest cold storage capacity in the country (#2 in Iberia) and a valuable portfolio of customers (market leaders). After Inter-Risco’s acquisition, Frissul optimized its operations and increased its installed capacity, which, along with cost control measures, allowed for a rise in operating profitability.

In 2013, Frissul acquired Frigomato – one of the most modern cold stores in Iberia, which allowed Frissul to strengthen its competitive positioning in Northern Portugal, in the positive cold segment and in the extension of its cross-docking offer.

Due to increasing volume demand, in 2015 Frissul launched an investment to expand its installed capacity, which was completed in 2016.

In March 2017, Fundo Inter-Risco II sold Cold Land to AGRO Merchants Group, a global leader in cold storage and logistics solutions, thereby confirming the accomplishment of the strategic and capital return goals that grounded the investment in this industry.

Subsidiaries from Fund Inter-Risco II

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