LOS ANGELES, CA AND RIVERSIDE, CA (February 5, 2008) Castle & Cooke, one of the nation’s leading private companies with investments in transportation equipment leasing, warehousing, building materials, and real estate development, today announced the acquisition of Inland Cold Storage, a leading owner and operator of public refrigerated warehouse (“PRW”) space in Southern California.
The acquisition significantly enhances the strategic position and long-term growth opportunities of Castle & Cooke’s existing warehousing operations in its Madison Warehouse Corporation affiliate and further expands its cold and refrigerated storage capabilities. The combined operations of Madison Warehouse and Inland Cold Storage include 18 dry and cold storage warehouses in Southern California, St. Louis, Chicago, Ft. Worth and Baltimore totaling over 150 million cubic feet of cold and dry storage capacity.
“On behalf of all of our employees, we are extremely pleased to combine our organization with Castle & Cooke,” said Inland Cold Storage founder and Chief Executive Officer, Bill Hendricksen. “We have great respect for Castle & Cooke’s team and believe they offer an ideal business fit and a highly compatible culture to that of Inland Cold Storage. Madison Warehouse and Inland Cold Storage are very complementary companies and this is an excellent opportunity for my management team as well as for our employees, many of whom could enjoy enhanced opportunities as part of an even stronger and more geographically diversified organization that has operations in key markets nationwide.”
Castle & Cooke’s Chairman, Chief Executive Officer and owner, David H. Murdock, said, “This brings together two established companies, enabling synergy and greater opportunities for both Madison Warehouse and Inland Cold Storage to expand and diversify. Combining Madison Warehouse with Inland Cold Storage broadens our reach and provides a significant presence in Southern California, the second largest PRW market in the country, and increases our total storage capacity by approximately 36 million cubic feet.” Mr. Murdock added, “We also look forward to leveraging the experience and operational expertise of Inland Cold Storage’s management team and employees to assist our sister company, Dole Food Company with its global cold and refrigerated needs.”
Following completion of the transaction, Mr. Hendricksen will become Chief Executive Officer of Castle & Cooke’s warehousing division encompassing the combined operations of Inland Cold Storage and Madison Warehouse Corporation.
Houlihan Lokey acted as financial advisor to Inland Cold Storage and Best, Best and Krieger LLP served as Inland Cold Storage’s legal counsel. Deutsche Bank provided transaction financing to Castle & Cooke, and O'Melveny & Myers LLP served as Castle & Cooke’s legal counsel.
About Inland Cold Storage
Inland Cold Storage is the leading owner and operator of public refrigerated warehouse (PRW) space in Southern California. Since its founding in 1979 with one 47,250-square-foot cold storage building in Riverside, the Company has grown to become the largest PRW operator in Southern California with six strategically located facilities containing storage capacity of over 36 million cubic feet. The Company’s seven facilities are a combination of four owned and three managed facilities, one of which is a dry warehouse.
About Castle & Cooke
Castle & Cooke, Inc. and its affiliated companies are owned by David H. Murdock. The company’s diversified businesses have operations in over 24 states and include the development and ownership of real estate, leasing of transportation equipment, manufacture of brick and building materials, oil and gas holdings, aviation services, and ownership of public warehouses. The company’s real estate developments include the North Carolina Research Campus and master planned communities such as Lake Sherwood in Thousand Oaks, California, Mililani Town on the island of Oahu in Hawaii, plus Seven Oaks in Bakersfield, California and Keene’s Pointe in Orlando, Florida. In Hawaii, the company also owns 98% of the 90,000 acre island of Lana’i and two award winning Four Seasons Hotels. David Murdock also owns the Dole Food Company, which is the world’s largest producer and marketer of high-quality fresh fruit, fresh vegetables and fresh-cut flowers.
Contacts:
Inland Cold Storage
Allen Merrill
Executive Vice President
(951) 369-0230
Castle & Cooke, Inc.
Christine Dzwonczyk
Assistant Treasurer
(310) 209-3540