TA Associates Sells Preferred Freezer Services
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BOSTON--(BUSINESS WIRE)--
TA Associates, a leading growth private equity and buyout firm, today announced it has sold control of Preferred Freezer Services, LLC ("Preferred Freezer") to Fenway Partners, a leading 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 Freezer's rapid success and geographic expansion under CEO John Galiher and his management team, and we believe the company's current plans for international expansion will make Preferred Freezer a worldwide player," said Roger Kafker, a Managing Director at TA Associates.
Preferred Freezer is the fifth largest company and one of the fastest growing in the public refrigerated warehousing (PRW) industry in the United States. Operating through a national footprint of 23 strategically located facilities, Preferred Freezer is the leader in the storage of frozen seafood, and is rapidly expanding into other frozen categories. Preferred Freezer is in development on six new facilities in both core and new markets, and has five additional facilities in the pre-development stage.
With state-of-the-art facilities and superior customer service, Preferred Freezer is among the most innovative operators in the public refrigerated warehouse industry. In addition, Preferred Freezer has secured several key strategic port locations in China and Vietnam as the first component of its international expansion strategy.
"TA Associates played a key role in the continued growth of our business, utilizing their experience, insights and contacts to help us expand domestically and internationally," said Preferred Freezer Founder and CEO John Galiher. "TA helped get us started in key markets like China and Vietnam, where we can fulfill the burgeoning need for frozen storage as those countries experience rapid growth and make significant infrastructure investments."
CEO Galiher and other members of senior management will continue to run the company and will retain an approximately 25% ownership stake.
Goodwin Procter acted as legal advisor to TA Associates. Lazard served as Preferred Freezer's financial advisor.
TA Associates
Founded in 1968, TA Associates is one of the largest and most experienced private equity firms. With offices in Boston, London and Menlo Park, the firm manages $12 billion in capital and has invested in more than 380 companies. TA Associates leads buyouts and minority recapitalizations of profitable growth companies in the technology, financial services, business services, healthcare and consumer industries. More information about TA Associates can be found at www.ta.com.
About Preferred Freezer Services
Headquartered in Newark, New Jersey, Preferred Freezer Services is dedicated to designing, constructing and operating state-of-the-art warehouses throughout the US. It has expanded from a single facility in 1989 to its current 23 facilities and growing. Preferred Freezer Services operates in strategic port locations that include New York/New Jersey, California, Massachusetts, Florida, Illinois, Pennsylvania, Virginia, Texas, Georgia and soon to come Vietnam and China. For more information, visit www.preferredfreezer.com.
Safe harbor statement under the U.S. Private Securities Litigation Reform Act of 1995: Statements made in connection with this release which are not historical fact, such as forward-looking statements concerning future financial performance and growth, involve risk and uncertainties. Such statements are subject to various factors that could cause actual results to differ materially from those set forth in the forward-looking statements. Any forward-looking statements represent the best judgment of TA Associates as of the date of this release. TA Associates disclaims any intent or obligation to update any forward-looking statements.
Source: TA Associates
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