Millard Refrigerated Services, a refrigerated warehousing and distribution services company, announced Brookfield Asset Management, through its private equity group, has acquired the stock of Millard Refrigerated Services–Canada ULC. The sale, which closed May 31, 2013, includes the Millard facilities in Brampton, Ontario; and Calgary, Alberta. Financial terms were not disclosed.
Funds from the sale will be used by Millard to focus on US customers through investing in warehousing opportunities and value-added systems. The company anticipates expanding select facilities to accommodate growth as it recently did at its Attalla AL and Sunnyvale TX distribution centers. The firm will also dedicate resources for the continued development of its Millard Maritime facility in Theodore AL.
“Millard Refrigerated Services is concentrating on several business opportunities around the United States that have great potential for the company, including expansion of existing facilities and the growth of Millard Maritime. The sale of our Canadian unit allows our team to focus on these activities,” said Lance Larsen, president and chief executive officer of Millard Refrigerated Services.
Brookfield will retain the employees of the two facilities, which will be renamed Brookfield Cold Storage. The firm expects to keep all current customers and ultimately expand the service offering.
“The Canadian market for commercial cold storage is strong and the Millard facilities are in great shape with an outstanding list of customers, so we anticipate solid growth from this acquisition. We are looking forward to a smooth transition with the support of Millard and the associates at both locations,” said David Nowak, managing partner at Brookfield Asset Management.
Founded in 1963 in Omaha NE, Millard Refrigerated Services remains family-owned-and-operated, serving the US food industry through a network of 33 regional temperature-controlled warehouse and distribution facilities. Millard also provides clients with services including logistics support and import/export assistance.
To learn more, visit www.millardref.com or call 402-896-6600.