Slate Asset Management and U.S.-based partner Hamilton Lane (HLNE-Q) have acquired a majority stake in Cold-Link Logistics, one of the 10 largest privately held cold-storage distributors in North America.

Cold-Link is based in Hollywood, Fla., and owns and operates a network of nine third-party logistics properties across the U.S. comprising nearly 78 million cubic feet of ambient, refrigerated and frozen capacity.

Financial details of the partnership, and of the transaction itself, have not been disclosed.

Cold-Link founders Michael and Nick Mandich and other members of the current management team are maintaining a “meaningful stake” in the firm, the announcement states.

In addition to Slate and funds managed by Hamilton Lane, the acquisition was completed with the support of co-investment partners, led by GFH Partners.

“Slate has been investing in real assets that underpin the distribution of every-day essential goods for nearly 15 years, driven by our conviction in the long-term defensiveness and resilience of this sector,” Slate managing director, leading infrastructure Jeff Rodgers said in the announcement. “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. 

“We look forward to working closely with Cold-Link’s management team to capitalize on the long-term demand drivers in the cold-storage market and unlock the next phase of the company’s growth.”

Slate a major owner of U.S. grocery real estate

The acquisition further enhances Toronto-based Slate’s position as an international owner and operator of essential real estate and infrastructure. It is highly complementary to Slate Grocery REIT, which owns and operates a portfolio of grocery-anchored retail properties across the U.S. valued at approximately US$2.4 billion, as of the end of Q3.

Cold-Link was founded in 2016.

“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, president and managing partner of Cold-Link, in the announcement. “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, partner at Cold-Link, added: “We are deeply grateful to the many individuals who supported the growth of our business, including our parents, who greatly influenced our approach to customer service. We are a company built on family values, and that legacy is carried forward every day by our exceptional team. 

“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.”

Hamilton Lane a major global investor

Hamilton Lane is one of the world’s largest private markets investment firms, providing services to institutional and private wealth investors.

Dedicated exclusively to private markets investing for more than 30 years, the firm employs approximately 770 professionals in offices throughout North America, Europe, Asia Pacific and the Middle East. Hamilton Lane has $1 trillion in assets under management and supervision, composed of $145.4 billion in discretionary assets and $859.8 billion in non-discretionary assets, as of Sept. 30. 

“Our investment in Cold-Link alongside Slate underscores Hamilton Lane's ongoing commitment to identifying unique opportunities in partnership with expert sponsors in the infrastructure space,” Hamilton Lane’s Brent Burnett, head of infrastructure and real assets, said in the announcement.

“We are excited about this opportunity and look forward to leveraging our global platform to support the continued growth and success of the business."

J.P. Morgan acted as the exclusive financial advisor and King & Spalding LLP provided legal advice to Slate on this transaction. Wells Fargo acted as the exclusive financial advisor and Greenberg Traurig acted as legal advisor to Cold-Link. Haber Law also provided legal advice to Cold-Link.

EDITOR'S NOTE: This article was corrected to clarify that Slate and Hamilton Lane are partners in the acquisition, but the transaction is not part of a joint venture. RENX apologizes for the error.