Inter-Risco, Portugal Ventures sell Cold Land to trade

As part of the deal, the GPs sold their stakes to US-based cold storage and logistic services provider Agro Merchants Group. Following the transaction, the management team will continue to lead the business. Financial details surrounding the transaction have not been disclosed.

According to a statement, Inter-Risco aims to start fundraising for its new activity in H2 2017.

Previous funding
In July 2008, Inter-Risco acquired a majority stake in Frissul Group in a primary deal valued at approximately €20m. The deal was carried out through newco Cold Land SGPS, in which Inter-Risco holds an 80% stake and state-backed VC house InovCapital holds the remaining 20%.

In June 2012, InovCapital merged with two other state-backed VC funds, Aicap Capital Global and Turismo Capital, and rebranded to Portugal Ventures.

In 2013, the business acquired Frigomato and in 2015 increased the storage capacity of its plant in Carregado.

Company
Cold Land is the parent company of Frissul and Frigomato, and manages 303,200 cubic metres of cold storage capacity.

Headquartered in Lisbon, the company also has a presence in Aveleda and Aguda, near Porto. According to a statement, the company posted a turnover of €18.8m in 2015 and employs a staff of 215.

People
Inter-Risco – Rui Branquinho (partner).
Portugal Ventures – Celso Guedes de Carvalho (CEO).
Agro Merchants Group – Carlos Rodriguez (CEO).

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• Trade sale