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Flint River Services bought by California investment group

ALBANY, Ga.: A press release just issued by a San Francisco based investment firm says that they have acquired Albany-based Flint River Services.

The press release:

Bay Grove Capital LLC ("Bay Grove"), a principal investment firm based in San Francisco today announced that it has acquired Flint River Services, Inc. ("Flint River" or the "Company"), a Georgia-based cold storage company. The acquisition was facilitated through the holding company Southeast Cold, LLC, and adds to Bay Grove's portfolio of cold storage companies, which includes West Coast Cold, LLC-parent of CityIce and Seafreeze Cold Storage--the largest cold storage company in Seattle. Financial terms of the transaction were not disclosed.

"We are excited to be working with Flint River to build on its legacy of success, deliver customers the highest quality of service and provide employees with a rewarding and safe work environment."

With over 30 million cubic feet of temperature controlled storage capacity, Flint River is one of the country's largest independent cold storage companies. The Company operates Georgia-based campuses in Albany, Unadilla and Rincon/Savannah and has provided outstanding cold storage services to customers in the poultry, peanut, blueberry, and frozen food industries for over 18 years. Key management will remain with the Company and the business will continue to operate as Flint River Services.

"Flint River has an unparalleled reputation in both its region and the industry," said Kevin Marchetti, Managing Director of Bay Grove. "We are excited to be working with Flint River to build on its legacy of success, deliver customers the highest quality of service and provide employees with a rewarding and safe work environment."

"We are pleased to have found a buyer like Bay Grove that recognizes our strengths and is committed to building on the best of Flint River," said Lem Griffin, president, CEO and co-founder of Flint River Services. "This transaction will allow us to better serve our loyal customers and to embark on an expansion of our facility in Savannah."

Flint River Services is a cold storage outsourced logistics provider that operates over 30 million cubic feet of temperature controlled storage capacity. Founded in 1992 and headquartered in Albany, GA, the Company has campuses in Albany, Unadilla and Rincon/Savannah located near commodity processing plants, key ports, and distribution hubs. All facilities are rail-served. The Company has domestic and international customers in the poultry, nut, berry, and other frozen food producing, processing, and distribution sectors. It was a 2009 recipient of the Best of Business Award in the refrigerated warehousing and storage category for the Small Business Commerce Association. (www.flintriverservices.com)

Bay Grove Capital is a principal investment firm dedicated to partnering with strong management teams to invest in growing, cash-flow positive businesses. Bay Grove has deep experience in the cold storage industry but also seeks to make equity investments through buyouts, growth equity transactions, and co-investments with partner funds in other attractive sectors. Bay Grove Capital is based in San Francisco. (www.baygrovecapital.com)


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