TORONTO, Ont. – Private equity firm TorQuest Partners has purchased VersaCold Logistics Services.
Terms of the deal were not disclosed. VersaCold was previously owned by KingSett Capital and Ivanhoe Cambridge.
Mike Arcamone, president and COO, has been promoted to CEO, succeeding Paul Campbell.
“We welcome this investment and look forward to working with our new partners to capitalize on growing demand for cold storage logistics solutions,” said Arcamone.
“There will be no changes to the day-to-day operations as a result of the transaction and we remain fully committed to giving our customers the very best end-to-end supply chain solution available.”
TorQuest is a $1.375-billion fund that closed in March, and VersaCold represents its first platform investmet.
“We are proud of the work we have done to help establish VersaCold as an industry leader in Canada, with a strong management team and culture,” said former CEO Campbell. “We know the company is in good hands with Mike and his team, as well as the new investors – and we wish them success.”