Americold, EQT Form $1.3 Billion Cold Storage Venture

The facilities are located across the U.S. and total about 124 million cubic feet of temperature-controlled capacity. (Americold)

Americold Realty Trust is moving 12 cold storage warehouses into a more than $1.3 billion joint venture with investment firm EQT while retaining a minority stake and day-to-day management of the facilities.

The transaction will give EQT a 70% interest in the North American venture, with Americold retaining the remaining 30%, the companies said May 7. Americold expects to receive about $1.1 billion in net cash proceeds and plans to use the money to repay outstanding debt.

The facilities are located across the U.S. and total about 124 million cubic feet of temperature-controlled capacity. The portfolio includes more than 400,000 pallet positions, and the companies said the venture is expected to be among the largest cold storage operators in North America on a stand-alone basis.

“This joint venture is an important strategic step for Americold, significantly strengthening our balance sheet, while aligning us with a strong partner in EQT who recognizes the intrinsic value of our mission-critical assets and the inherent growth opportunities in our business,” Americold CEO Rob Chambers said.

Americold, based in Atlanta, said it will continue to oversee daily operations of the contributed warehouses. The arrangement is designed to maintain service continuity for customers while shifting majority ownership of the assets to EQT’s Active Core Infrastructure fund.

Americold ranks No. 27 on the Transport Topics Top 100 list of the largest logistics companies in North America and No. 2 on the sector list of the largest refrigerated warehousing firms.

The companies also said the venture could become a platform for additional cold storage development. Under the agreement, Americold will provide development support, drawing on its customer relationships and industry experience to identify potential facilities in key cold chain locations.

EQT executives said the investment fits the firm’s interest in infrastructure assets tied to temperature-controlled logistics.

“We are excited to partner with Americold to invest in a high-quality portfolio of truly mission-critical assets,” said Alex Greenbaum, partner and head of EQT Active Core Infrastructure. “We believe this platform is anchored by best-in-class cold storage assets serving blue-chip customers and is well positioned for long-term growth.”

Benjamin Bygott-Webb, a partner at EQT, said the agreement reflects the firm’s view of cold chain infrastructure as an essential sector with long-term demand.

Americold operates more than 220 facilities across North America, Europe, Asia-Pacific and South America, totaling about 1.4 billion refrigerated cubic feet. The company provides temperature-controlled logistics and real estate services for producers, processors, distributors and retailers.

The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions and regulatory approvals.

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