Private equity firm
sells Preferred Freezer
Jun 19, 2008 9:21 AM
TA Associates, a growth private equity and buyout firm, has sold control of Preferred Freezer Services LLC to Fenway Partners, a middle-market private equity firm, in partnership with management. Financial terms of the transaction were not disclosed. TA Associates invested in the company in November 2005.
"TA has been very impressed by Preferred Freezerís rapid success and geographic expansion under CEO John Galiher and his management team, and we believe the companyís current plans for international expansion will make Preferred Freezer a worldwide player," said Roger Kafker, a managing director at TA Associates.
Based in Newark NJ, Preferred Freezer is the fifth-largest company and one of the fastest-growing in the United States public refrigerated warehousing (PRW) industry. Operating through a national footprint of 23 strategically located facilities, Preferred Freezer is a leader in the storage of frozen seafood and is expanding into other frozen categories. Preferred Freezer is developing six new facilities in both core and new markets and has five more facilities in pre-development.
Galiher and other members of senior management will continue to run the company and will retain roughly a 25% ownership stake.
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