Ron Burkle has turned down a $3 billion-plus binding offer for his Americold refrigerated warehouse business from Stephen Schwarzman’s Blackstone Group, according to the New York Post.
The Atlanta, Georgia, USA-headquartered acquisition target, a holding of the Yucaipa Companies investment firm headed by Burkle, is the world’s largest cold storage warehousing logistics provider with more than 11,000 employees serving approximately 2,500 customers in the USA, Canada, Argentina, Australia, New Zealand, China and Vietnam. It is said to have been up for sale since May.
“The Los Angeles billionaire now plans to cash out of the growing business by taking it public, two sources close to the situation said,” Josh Kosman reported in the New York Post on September 27. “A spokesman for Yucaipa declined comment on Blackstone, but emphasized that the strategic review continues and that Americold could either be sold or be the subject of an IPO.”