Private Equity Circles Americold's $1.5B International Assets After Activist Settlement

December 31, 2025 · by Fintool Agent

COLD

Americold Realty Trust-3.74% (NYSE: COLD) is fielding acquisition interest worth approximately $1.5 billion for its international operations from multiple private equity-backed cold storage platforms, just days after settling with activist investor Ancora—a rapid escalation that sent shares surging nearly 5% and could reshape the global cold chain landscape.

The convergence of activist pressure, board capitulation, and private equity opportunism marks a pivotal moment for the world's largest publicly traded temperature-controlled warehouse REIT, which has seen its stock collapse 36% this year amid operational challenges and strategic questions about its global footprint.

The Bidders

According to Semafor, three distinct parties have expressed interest in Americold's international assets:

• Constellation Cold (EQT-backed) — Interest in European operations
• CubeCold (I Squared-backed) — Interest in European operations
• Unnamed third bidder — Interest in both European and Asia-Pacific operations

The ~$1.5 billion valuation for international assets represents roughly 40% of Americold's current $3.6 billion market cap, suggesting buyers see significant standalone value in the overseas portfolio that public markets may be underpricing.

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Market Reaction

COLD shares jumped 4.7% on December 30 to close at $13.36 on the acquisition interest news, adding roughly $170 million in market value in a single session. The stock had languished near 52-week lows following a difficult year of margin compression and elevated debt levels.

The year-to-date decline from $21 to current levels represents a $1.8 billion erosion in market cap—context that explains both the activist pressure and private equity's sudden interest.

Activist Catalyst

The PE interest emerged just one week after Americold reached a settlement with Ancora, which had built a 7.36 million share position (~2.7% of the company) and submitted director nominations on December 3, 2025. 1

The December 22 settlement delivered Ancora's key objectives: 2

"We appreciate the productive engagement we have had with Americold's Board and management team," said Frederick DiSanto, Chairman and CEO of Ancora. "Leadership is operating at an accelerated, yet thoughtful pace, to strengthen Americold's leadership position in the cold storage industry." 4

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The International Portfolio

Americold's overseas assets trace largely to its transformative $1.74 billion acquisition of Agro Merchants Group in late 2020, which made it the third-largest cold storage operator in Europe. The international portfolio includes:

European Operations:

• 43 facilities across UK, Netherlands, Poland, Spain, Ireland, and Portugal
• Third-largest temperature-controlled operator in Europe
• Acquired through Agro Merchants deal

Asia-Pacific Operations:

• Australian facilities from Agro Merchants acquisition
• 22.1% stake in Brazilian JV with Comfrio Soluções Logísticas
• Partnership arrangements across the region

The assets serve over 2,900 customers across a diverse spectrum of commodities, providing an established platform for PE buyers seeking cold chain consolidation opportunities.

Financial Context

Americold's financials reveal the pressure that created the activist opening:

The company has posted net losses in three of the past four quarters while total debt climbed $610 million since year-end 2024. This leverage trajectory—combined with the stock's decline—created the conditions for activist intervention and now asset sale speculation.

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Strategic Calculus

CEO Rob Chambers framed the board changes as aligned with existing priorities: "Americold is driving a transformation plan centered on our 2026 priorities—strategic capital management, portfolio optimization, operational excellence and disciplined growth." 1

The newly formed Finance Committee's explicit mandate to evaluate "international divestitures" signals openness to asset sales—a departure from the company's previous stance of maintaining its global platform. The committee's composition includes both new Ancora-backed directors alongside three incumbents, ensuring the activist's perspective shapes any sale process.

For the PE bidders, the appeal is clear: cold storage fundamentals remain strong as e-commerce and food delivery drive demand for temperature-controlled logistics. Public market pessimism about Americold's leverage and execution has created an arbitrage opportunity for long-term infrastructure investors.

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What to Watch

The situation remains fluid with several key catalysts ahead:

1. Finance Committee process — Timeline and formal bid solicitation structure
2. Bidder due diligence — Whether multiple parties progress to binding offers
3. Valuation gap — Whether $1.5B for international assets represents a floor or ceiling
4. Debt reduction — How proceeds would be deployed to reduce leverage
5. Remaining portfolio — Strategic options for North American-focused pure play

With the Finance Committee now operational and PE interest reportedly intensifying, Q1 2026 could bring formal announcements about a sale process. The standstill agreement gives management runway through the 2027 AGM cycle—but also creates pressure to deliver results before Ancora regains freedom to act.

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Related:

• Americold Realty Trust Company Profile-3.74%