KANSAS CITY, Mo.--(BUSINESS WIRE)--Vertical Cold Storage, a developer and operator of temperature-controlled distribution centers sponsored by real estate investment firm Platform Ventures, has entered into an agreement to purchase MWCold, which operates more than 545,000 sf of strategically located warehouse space at two facilities in central Indiana.
“We are excited to be partnering with Tim Siddiq and the MWCold team. MWCold is a fourth-generation, family-owned business infused with the spirit of entrepreneurship and a value system committed to serving their employees, customers, and community. We are committed to honoring the family legacy and taking MWCold to the next level,” said West Hutchison, President and CEO of Vertical Cold Storage.
The MWCold Indianapolis warehouse is a 390,000 sf /10.1M cf multi-modal facility with 33,000 pallet positions and 46 dock doors. It is dual rail-served by CSX and Norfolk Southern, and features blast freezing, export services and quick thaw.
The MWCold Pendleton facility is northeast of Indianapolis and can handle a variety of temperature zones, including -20°F for ice cream and other frozen products. It is 159,000 sf / 5.3 M cf, with 19,600 pallet positions and has 15 dock doors.
Both locations are near five major interstates that intersect Indiana, enabling two day or less service to more than 75% of US and Canadian populations.
“MWCold’s pursuit of excellence is built on strong core values and solid operating principles. Providing a family environment where our employees can find acceptance, opportunity and purpose defines our mission. With Vertical Cold, we have found a team we trust to hand over the company my grandfather founded more than 70 years ago,” said Tim Siddiq, Chairman & CEO of MWCold, who will transition to an advisory capacity. “Personally, the move allows me to spend more time on mission activities like supporting Afghan and other refugees transition to the US and reach their full potential in a dynamic and growing business environment.”
About MWCold
MWCold is a fourth-generation, family-owned business with locations in Indianapolis and Pendleton, IN, recognized as a premier logistics provider of multi-temperature warehouse services in the Midwest region. We provide warehouse services to the food, pharmaceutical and manufacturing industries. Our company offers over 545,000 square feet of strategically located, sprinklered, multi-temp space in two central Indiana locations offering inside rail, 61 doors, separate rooms and -20° capabilities with racked and bulk areas. We feature CCTV, EDI, WMS, RF scanners, a web portal with online, real-time access to activity reports and temperature and climate monitoring.
About Vertical Cold Storage
Vertical Cold Storage is an industry leader in delivering reliable, flexible, and cost-effective cold storage and logistics solutions for the food and beverage industry. We are committed to giving our customers the competitive edge they need to consistently thrive in the complex and ever-evolving business environment of perishables. We offer temperature-controlled cold storage warehousing and distribution solutions in the cities and surrounding areas of Chicago, Dallas, Omaha, Charlotte, Miami and more. Our services are backed by a goal-oriented team of industry veterans and cutting-edge technology with a singular focus on quality results and excellent customer service. Vertical Cold is focused on acquiring and integrating existing and developing greenfield cold storage facilities and providing a consistent customer experience across our entire platform. More information is available at www.verticalcold.com.
About Platform Ventures
Platform Ventures, through certain asset management subsidiaries, manages and invests in real estate, real estate-related assets, real estate technologies and real estate-focused companies located throughout the United States. Platform’s experienced team seeks to add value to client portfolios by applying its knowledge of the long-term cycles and macro-economic trends that shape the real estate market in order to create price-to-value dislocations. Platform Investments, LLC, which is owned by Platform Ventures, has invested in 37 states with approximately $3 billion of assets under management as of December 31, 2022.1 Visit www.platformv.com for more information.
- This includes assets managed by our affiliates who are not registered investment advisers, and this amount does not represent Regulatory Assets Under Management as defined by the SEC. SEC registration does not imply a certain level of skill or training.
