Millard team members at Brampton and Calgary locations will transfer to new owner
OMAHA – June 3, 2013 –Millard Refrigerated Services, a leading refrigerated warehousing and distribution services company, today announced Brookfield Asset Management, through its private equity group, has acquired the stock of Millard Refrigerated Services – Canada, ULC. The sale, which closed May 31, 2013, includes the Millard facilities located in Brampton, Ontario and Calgary, Alberta. Financial terms were not disclosed.
Millard will use the funds from the sale to focus on US customers by investing in warehousing opportunities and value-added solutions, and anticipates expanding select facilities to accommodate growth as the company recently did at its Attalla, Ala. and Sunnyvale, Tex. distribution centers. The company will also dedicate resources for the continued development of its Millard Maritime facility in Theodore, Ala.
“Millard Refrigerated Services is concentrating on several business opportunities around the United States that have great potential for the company, including expansion of existing facilities and the growth of Millard Maritime. The sale of our Canadian unit allows our team to focus on these activities,” said Lance Larsen, President & CEO of Millard Refrigerated Services.
Brookfield will be retaining the employees of the two facilities, which will be renamed Brookfield Cold Storage. The firm expects to keep all current customers and ultimately expand the service offering.
“The Canadian market for commercial cold storage is strong and the Millard facilities are in great shape with an outstanding list of customers, so we anticipate solid growth from this acquisition. We are looking forward to a smooth transition with the support of Millard and the associates at both locations,” said David Nowak, Managing Partner at Brookfield Asset Management.
About Millard Refrigerated Services
Millard Refrigerated Services was founded in 1963, in Omaha, NE. The company remains family owned and operated, serving the US food industry through a network of 33 regional temperature-controlled warehouse and distribution facilities. In addition to cold storage warehousing and transportation, Millard provides clients with a wide variety of other value-added services, logistics support and import/export assistance. To learn more about Millard’s full line of value added services, please visit www.millardref.com or call 402-896-6600.
About Brookfield Asset Management
Brookfield Asset Management Inc. is a global alternative asset manager with over $175 billion in assets under management. The company has over a 100-year history of owning and operating assets with a focus on property, renewable power, infrastructure and private equity. It has a range of public and private investment products and services, which leverage its expertise and experience and provide Brookfield with a competitive advantage in the markets where it operates. Brookfield is co-listed on the New York and Toronto stock exchanges under the symbol BAM and BAM.A, respectively, and on NYSE Euronext under the symbol BAMA. For more information, please visit our website at www.brookfield.com.