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Assoc. Freezers, Atlas Cold Storage to Merge

TORONTO, ON, Canada – Associated Freezers Income Trust has announced a proposed merger of its wholly owned subsidiary, Associated Freezers Ltd., and privately held Atlas Cold Storage Holdings Ltd. The new business will operate under the name Atlas Cold Storage Ltd. and the name of the trust will be changed to the ACS Freezers Income Trust.

The transaction will create Canada’s largest and North America’s third largest operator of public refrigerated warehouses, says the company. The merged entity will have refrigerated warehouses across Canada, as well as the Southeast and Midwest of the United States. It would have had pro forma revenue in 1999 of approximately $133 million.

Pat Gouveia, the ceo of Atlas and the proposed ceo for the merged company, noted that “The merged company will enjoy enhanced financial and operational flexibility and allow us to extend our vision for a strong North American refrigerated warehouse network.” The transaction is expected to close in July.

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