Food logistics company NewCold has acquired refrigerated transport specialist Karras. NewCold launched its Australian operations six years ago in Victoria, and is currently investing AU$240 million to develop its first warehouse in Sydney.
Founded in 2012, NewCold specialises in automated temperature-controlled storage, with operations across Europe, North America, and Australia. Its two temperature-controlled warehouses in Melbourne have a combined capacity of 327,800 pallet positions.
NewCold founder and CEO Bram Hage said the acquisition strengthened the Australian business and operating model.
“Combining Karras with our platform will strengthen our customer offering and promises an exciting future for our people, business, customers, and suppliers, in Australia,” said Hage.
Karras has a portfolio of customer partnerships across Australia’s food and beverage sector.
Karras CEO Karthi Karthigeyan said upholding the businesses core values would be a key focus.
“I am delighted to continue to lead our dedicated team on this next chapter. We are deeply committed to upholding our core values of customer satisfaction and quality. This acquisition will enhance our capabilities and the integrated solutions that Karras will be able to offer its customers,” said Karthigeyan.
Karras Group Director and former CEO, Nick Vantas, said the transaction marked a significant milestone in Karras’ 47-year journey.
“We see NewCold as the natural and logical custodian for the enterprise in its next phase, given our shared commitment to delivering best-in-class cold chain solutions, as well as broadening capability and efficiencies for our much-valued customers,” said Vantas.
Karras was advised by Monash Advisory and MinterEllison, and NewCold by Hall & Wilcox.
