Slate Asset Management and private markets investment manager Hamilton Lane have acquired a majority equity stake in Cold-Link Logistics, one of the 10 largest privately held cold-storage platforms in North America.

The acquisition strengthens Slate’s position as a global owner and operator of essential real estate and infrastructure supporting non-discretionary, day-to-day needs, said the company.

“Our investment in Cold-Link increases our exposure to a critical and rapidly growing segment of the food supply chain through a proven operator with an exceptional platform and a clear strategy,” said Jeff Rodgers, managing director of Slate’s infrastructure business.

Funds managed by Hamilton Lane participated in the transaction alongside co-investment partners led by GFH Partners.

Founded in 2016 by Michael and Nick Mandich, Hollywood, Fla.-based Cold-Link provides temperature-controlled storage and cold-chain solutions to U.S. and multinational food and perishable-goods producers and distributors. The company owns and operates nine cold-storage facilities with nearly 78 million cubic feet of ambient, refrigerated and frozen capacity across the Central, Northeastern and Southeastern U.S.

Cold-Link’s portfolio is integrated across the food supply chain and complements Slate’s existing essential real estate holdings, increasing the firm’s exposure to assets critical to food logistics. The majority of Cold-Link’s operated pallet volume is concentrated in facilities constructed in 2022 or later.

As part of the transaction, Michael and Nick Mandich and other members of the current management team will retain a meaningful ownership stake in the company.

“In under 10 years, we have scaled Cold-Link into one of the largest privately held cold storage platforms in North America,” said Michael Mandich, Cold-Link’s president, who is also a managing partner of the company.

“We are now at a pivotal inflection point in our growth and have found a trusted institutional partner in Slate with the capital, resources and asset management expertise to help us accelerate our business strategy and deliver essential cold storage solutions to customers who critically need them.”

Nick Mandich, also a Cold-Link managing partner, thanked their parents and other individuals who have supported the company’s rapid growth over the past decade.

“We are a company built on family values, and that legacy is carried forward every day by our exceptional team,” he said. “We are confident that our partnership with Slate will only enhance that foundational aspect of our business. The decision to roll the majority of our equity and continue leading the business demonstrates our commitment to the company, belief in the Cold-Link team, and conviction in the growth opportunities that lie ahead.”

J.P. Morgan acted as Slate’s exclusive financial advisor and King & Spalding LLP provided legal advice to the Canadian firm. Wells Fargo acted as the exclusive financial advisor to Cold-Link, while Greenberg Traurig acted as legal advisor and Haber Law also provided legal advice to the American company.

Financial terms were not disclosed.

Photo: Cold-Link storage facility

Image: Courtesy of Slate Asset Management