September 30, 2021
Industrials and Industrial Technology
GCA Altium advises Nichirei Logistics Group Inc on its acquisition of Norish’s cold storage division
GCA Altium acted as advisor to Nichirei Holding Holland, a wholly owned subsidiary of Nichirei Logistics Group Inc, who have acquired the cold storage division of Norish plc for a consideration of GBP 65.7 million.
Norish’s cold storage division currently operates from six strategically located sites and provides in excess of 47,500 racked temperature-controlled pallet spaces. The company provides supply chain solutions for companies on a local, regional and national basis by way of storage, handling, freezing, de-vanning, picking and cross-docking. It is also certified to handle export cargo to China, the United States, the European Union and other countries.
Nichirei Logistics Group operates the world’s sixth-largest refrigerated storage capacity. It has been developing its cold storage logistics business in Europe since 1988. In the UK, Nichirei offer customs clearance and transportation services through its Thermotraffic subsidiary and value-added services (such as thawing and freezing services) in inland areas through Kevin Hancock Limited. This acquisition will enable the Nichirei Logistics Group to make a full-scale entry into the refrigerated warehousing business in the UK.
GCA Altium mobilised a cross-border advisory team, with colleagues both in the UK and Japan, to support Nichirei with this acquisition. The transaction is scheduled to complete in October 2021, subject to shareholder approval.