Danish Crown sells stake in Agri-Norcold
The market for cold storage logistics in Europe has been consolidated in recent years. After several inquiries, the ownership group behind Danish Agri-Norcold therefore decided earlier this year to explore the possibilities of a sale to one of the leading pan-European operators.
After a thorough process, Danish Crown and TA-Logistics A/S have sold Agri-Norcold's total activities to fast-growing Constellation Cold Logistics, which with the acquisition will have activities in eight Western European countries.
"It has been important for us to find a buyer who will develop Agri-Norcold's activities, because the company will also be a key business partner for Danish Crown in the future. Conversely, it is not a natural part of our core business to be a co-owner of a company within cold storage logistics, so as part of our ongoing strategic work to focus Danish Crown's business, we have therefore chosen to sell our ownership stake in Agri -Norcold", says Jais Valeur, Group CEO of Danish Crown.
Danish Crown has been a co-owner of Agri-Norcold in various ways since 1978. In 2012, TA-Logistics A/S bought 57 percent of the company, when the two former co-owners wanted to sell their shares.
"Over the years, we in the ownership group have run and developed Agri-Norcold based on a desire for mutual value creation between the management and the ownership group. We have succeeded in this through trusting cooperation on a daily basis and, not least, a fantastic and dedicated effort from both management and employees in all departments. We owe them a thank you for that, and I have no doubt that Agri-Norcold will continue to be a fantastic supplier to Danish Crown", says Jais Valeur.
"It is positive for Danish Crown's shareholders that with this transaction we are taking another step towards focusing the company on our core business. It is part of the strategic work that we as the board and management are currently engaged in, which is about making Danish Crown's business even sharper going forward. That work will continue on several fronts in the coming months", says chairman of the board of Danish Crown Asger Krogsgaard.
Agri-Norcold has its headquarters in Aalborg and operates 10 frozen goods terminals in Denmark, all of which are located close to the main Danish traffic arteries. Together, they have a capacity of up to 900,000 cubic meters of frozen storage and 266,000 pallet spaces. Agri-Norcold also has its own packing plant, and the company's largest frozen warehouse in Vejen is also Northern Europe's largest.
"At Agri-Norcold, we have been very satisfied with the commitment that our two owners have had in the company for more than 10 years. It has been a privilege for us to have two such strong owners behind us in a very competitive market. At the same time, we understand that cold storage and logistics operations are not core business for Danish Crown, and that a new strategic direction means goodbye to them as owners. We very much look forward to continued close cooperation with Danish Crown as one of our largest customers", says Agri-Norcold's CEO, Jan B. Nielsen.
Constellation's purchase of Agri-Norcold is expected to be completed before the end of September 2024, and it has been agreed between the parties that the purchase price will not be published.
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