Transaction overview
Slate Asset Management (US) acquired a majority stake in Cold-Link Logistics (US), one of the ten largest privately-held cold storage platforms in North America, on December 15, 2025. The deal size was not disclosed but involved co-investment partners led by GFH Partners. Cold-Link provides temperature-controlled storage and cold-chain solutions to food producers and distributors across the United States.
Deal structure and financing
The exact equity/debt split of the transaction is undisclosed. J.P. Morgan acted as the exclusive financial advisor for Slate, while Wells Fargo advised Cold-Link on the deal. The leverage metrics and terms related to lock-up periods or IPO optionality were not revealed in the available information. However, it is noted that Michael Mandich and Nick Mandich, founders of Cold-Link, maintained a significant stake post-acquisition.
Strategic context
Slate Asset Management's acquisition of Cold-Link was driven by its long-standing focus on essential real estate and infrastructure assets, particularly those involved in the food supply chain. This deal enhances Slate’s exposure to cold storage facilities, which are crucial for handling perishable goods such as pharmaceuticals and food items. For Cold-Link, partnering with a financial institution like Slate allows it to leverage resources for further expansion and investment in modern logistics solutions.
Regulatory path
No specific regulatory hurdles were mentioned regarding this transaction. However, given the deal's size and geographic scope within North America, it would likely have involved filings with relevant U.S. regulators such as the Department of Justice (DOJ) and Federal Trade Commission (FTC). The precise timeline for HSR filings or other regulatory review processes was not disclosed.
The acquisition aligns with both parties' strategic objectives: Slate's focus on essential real estate infrastructure, and Cold-Link’s need for capital to continue its rapid growth in the cold storage market.