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Cloverleaf Cold Storage Announces Recapitalization led by Blackstone
2017/11/14
November 13, 2017
SIOUX CITY, Iowa & NEW YORK--(BUSINESS WIRE)--Cloverleaf Cold Storage ("Cloverleaf" or the “Company"), a leading cold storage warehousing and food logistics company owned by the Feiges and Kaplan families since its founding in 1952, today announced that it has entered into a definitive agreement to recapitalize the Company whereby private equity funds affiliated with Blackstone (NYSE:BX) ("Blackstone") will make a majority equity investment into Cloverleaf alongside the existing family shareholders, who will continue to operate the business post-closing, to support future growth in the Company. Terms of the transaction were not disclosed.
 
“At Cloverleaf, we are focused on building our business for the long-term, continuing to deliver our customers best-in-class service and supporting our communities,” said Daniel Kaplan, Co-President of Cloverleaf. “Our partnership with a world-class firm such as Blackstone provides us with significant capital and operating resources to invest for growth and continue to expand our platform. The Feiges and Kaplan families are very pleased to be working with Blackstone as we begin the next chapter of our growth story.”
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