Mexico. The cold storage company, Bajo Cero Frigoríficos, has been acquired by the multinational, Emergent Cold LatAm, which they consider as a key market for their business strategy. It was confirmed that Fernando León Rodríguez, Ceo of Bajo Cero, will continue to lead the business.
Established in 1999 by J. Fernando León Alatorre, Bajo Cero now operates a network of three modern facilities located in the cities of Irapuato, Villagrán and León, with a total capacity of more than 37,000 pallet positions, quick freezers and land for future expansions. These facilities serve an important agricultural area of Mexico, allowing Bajo Cero to consolidate cargo for regional processing plants and packers of important brands in North America and Mexico.
With the addition of Bajo Cero, Emergent LatAm now operates 23 cold storage facilities, with another four facilities under construction, in a total of ten countries.
"We are proud to add Bajo Cero to our regional network, a company known throughout the cold chain market for its excellent customer service," said David Palfenier, president of Emergent Cold LatAm. "This transaction is a bold first step for us in this important market."
"Mexico is a central part of our investment strategy in Latin America due to its size, scale and attractive food export and consumption trends," said Neal Rider, CEO of Emergent Cold LatAm. "We see a unique opportunity to build the most modern and fully integrated third-party refrigerated logistics network in Mexico. We are excited to welcome the Bajo Cero team to our growing network and look forward to supporting capacity expansion at several warehouses in key locations."
"This business combination gives our customers access to an extensive network of facilities, as well as new technologies, investment capital and best practices in the cold chain," said Fernando León Alatorre, president of Bajo Cero. "It is an honor to collaborate with the Emergent Cold LatAm team with the goal of offering the highest quality service offerings on the market, so many good things to come."
The company 44 Capital Finanças Corporativas acted as financial advisor and Creel, García-Cuéllar, Aiza and Enríquez as legal advisor to Emergent Cold LatAm.