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TA Associates Sells Controlling Rights of Preferred Freezer Services!
A leading growth private equity and buyout firm, TA Associates has announced that it has sold the controlling rights of Preferred Freezer Services, LLC (“Preferred Freezer”) to Fenway Partners, which is a leading middle market private equity firm.
TA Associates invested in Preferred Freezer Services in November 2005. Financial terms of the transaction have not been disclosed. According to Roger Kafker (Managing Director, TA Associates), “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”
Preferred Freezer is the fifth largest and one of the fastest growing companies in the United States in the field of public refrigerated warehousing (PRW). It has more than 23 facilities. Preferred Freezer is the leader in the storage of frozen seafood, and is rapidly expanding into other frozen categories.
In the public refrigerated warehousing (PRW) industry, Preferred Freezer is considered to be one of the most innovative operators, due to its state-of-the-art facilities and superior customer service. In addition to United States, Preferred Freezers has also been able to acquire several strategic port locations in China and Vietnam, as per its international expansion strategy.
According to John Galiher (CEO, Preferred Freezer), “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. 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.”
About 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 facts, 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.