Global cold storage specialist NewCold has expanded its footprint further with the acquisition of refrigerated transport specialist Karras Cold Logistics.
NewCold, specialising in automated temperature-controlled storage, powered by proprietary technology, was founded in 2012 and has since grown rapidly across three continents – Europe, North America, and Australia.
Karras is renowned for excellence in refrigerated transport services and boasts an impressive portfolio of customer partnerships across Australia’s food and beverage sector.
NewCold CEO Bram Hage says, “This strategic acquisition underpins our vision and ambition in Australia by strengthening the business and operating model.”
“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 CEO Karthi Karthigeyan says 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,” Karthigeyan says.
“This will enhance our capabilities and the integrated solutions that Karras will be able to offer its customers.”
Only launching in Australia six years ago in Victoria, 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 former CEO Nick Vantas says 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.”