Global cold storage specialist NewCold, which launched in Australia six years ago in Victoria, has expanded it footprint further with the acquisition of Karras Cold Logistics.
NewCold specialises in automated temperature-controlled storage, powered by proprietary technology, while Sydney-headquartered Karras is renowned for its excellence in refrigerated transport services.
“This strategic acquisition underpins our vision and ambition in Australia by strengthening the business and operating model,” said NewCold founder and CEO, Bram Hage.
“Combining Karras with our well-capitalised platform will strengthen our customer offering and promises an exciting future for our people, business, customers, and suppliers, in Australia.”
Karras, which also has depots in Melbourne, Brisbane and Adelaide, has built an impressive portfolio of customer partnerships across Australia’s food and beverage sector.
CEO of Karras, Karthi Karthigeyan, said he is delighted to continue to lead his dedicated team on this next chapter.
“This is a very exciting time for the Karras business and all our stakeholders. We are deeply committed to upholding our core values of complete customer satisfaction and focus on quality. This will enhance our capabilities and the integrated solutions that Karras will be able to offer its customers.”
Founded in 2012, NewCold has grown rapidly across three continents – Europe, North America, and Australia.
Its two state-of-the-art temperature-controlled warehouses, in Melbourne, are closing in on a combined capacity of 327,800 pallet positions.
NewCold is also investing $240 million to develop its first warehouse in Sydney.
Karras Group director and former CEO, Nick Vantas, said the sale marks a significant milestone in the company’s 47-year history.
“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,” he said.