Vertical Cold Storage Buys Michigan Facility
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Distribution center developer and operator Vertical Cold Storage for an undisclosed sum at the start of April.
The facility is 140,000 square feet, has 19 dock doors and includes more than 20,000 pallet positions.
Constructed in 1993 and expanded in 1999, the Canton site has blast freezing, case picking, kitting and cross-docking capabilities.
“This acquisition strengthens our ability to support customers engaged in cross-border trade and adds a critical location to our growing national footprint,” Vertical Chief Commercial Officer Jim Henderson said.
“With evolving complexities in U.S.-Canada trade, we’re committed to being a reliable cold chain partner for producers and buyers on both sides of the border,” Henderson said. “I’m excited to work alongside the outstanding team in Detroit and apply my background in international trade to help our customers navigate this dynamic environment with seamless cold storage solutions.”
Vertical ranks No. 7 on the Global Cold Chain Alliance’s list of the 25 largest refrigerated warehousing and logistics providers in Canada, Mexico and the United States.
The Canton deal is the fifth Vertical addition over the past 12 months, the company said.
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Vertical purchased a frozen distribution center near the Port of Savannah in Pooler, Ga., for an undisclosed sum in late January. The Pooler facility is nearly 350,000 square feet, has 40 dock doors and includes over 35,000 pallet positions and was bought for its proximity to the Port of Savannah.
Early in January, Vertical opened a Kansas City multimodal distribution site it built. The 311,000-square-foot facility employs more than 100 full-time staff and focuses on serving temperature-controlled food and beverage producers. The facility features 47,000 pallet positions.
Vertical — backed by real estate investment firm Platform Ventures — previously operated 10 cold storage sites with an overall 2.4 million square feet of capacity.
The company’s existing facilities are mostly situated near major U.S. metropolitan centers, such as Chicago, Dallas, Charlotte, N.C., Indianapolis and Miami, which are respectively the Nos. 3, 9, 14, 16 and 42 largest cities by population.
Platform Ventures is the parent company of Platform Investments, which manages over $3.4 billion in assets.
