Eurocold has taken another step in its rapid expansion with the announcement that French company, Petit Forestier Group, has taken a majority shareholding in the business.
The company was reportedly drawn to Eurocold’s specialised focus on refrigerated assets, premium positioning, fleet of recent vehicles and focus on being full service cold fleet partners to its customers.
The arrangement comes as Eurocold continues to build towards an expansion through Australia, announced in May last year, and will soon move into its new expanded headquarters in the City of Logan midway between Brisbane and Gold Coast, Queensland.
The majority shareholding in Eurocold represents Petit Forestier Group’s first entry into Australia and just the third country in the Southern Hemisphere it has invested in.
Petit Forestier Group will now be generating 50 per cent of its vehicle rental business outside of France.
Eurocold Managing Director, Avraam Solomon, said Eurocold’s quality and service for customers will step forward significantly with the global know-how, technology share and industry experience of the Petit Forestier Group, coupled with its expansion into new capital city markets and the City of Logan facility.
“Petit Forestier Group’s expertise, their commitment to the industry and the priority they give to their employees all make this acquisition an ideal partnership,” he said.
“Our knowledge of the Australian market combined with Petit Forestier Group’s experience will enable us to build on our position as a leader in the Australian market.
“Above all, it was important for me to go beyond a simple financial transaction, which was an obvious choice with Léonard Forestier.”
Eurocold will continue to retain its service-based focus, which fits inline with that of the international team.
Petit Forestier Group CEO, Léonard Forestier, said he was delighted with the deal.
“The acquisition of Eurocold will accelerate our growth internationally,” he said.
“Eurocold is a great entrepreneurial success story whose values – such as service and customer satisfaction – are in line with those of the Petit Forestier Group.
“We are delighted to welcome the Eurocold team to the Group and add Australia and New Zealand to our expanding market position globally, especially in collaboration with Avraam, who has the talent and experience to develop our model in this market.”
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