PORTUGAL - Inter-Risco completes EUR 20m Frissul acquisition

Fran
24 July 2008

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Inter-Risco has announced the acquisition of logistics business Frissul Group in a deal valued at approximately EUR 20m. The deal was carried out through the newco, Cold Land SGPS SA, in which Inter-Risco holds an 80% stake and InovCapital the remaining 20%.

Frissul Group is the market leader in the cold logistics sector in Portugal and is comprised of two business units, one of which is dedicated to cold storage and product handling services, and the other dedicated to cold freight services. The company also owns the largest cold storage facility in Portugal (170.000 m3). Its customer base is mostly comprised by “tear 1” food producers and national and international retail companies.

This transaction marks the first step of a growth strategy combining organic growth and strategic acquisitions in this industry in Portugal, other Portuguese speaking countries and in Spain. The build-up strategy will allow for full coverage in the “from the farmer to the plate” cold logistics value chain, adding premium services and capillary freight services to the existing service portfolio. Two additional acquisitions are expected to take place before the end of 2008.

This acquisition will represent Inter-Risco’s first investment from its new vehicle Fund Inter Risco II, which is targeting at EUR 150m and is in the final stages of the fund-raising process.