Finlays Colombo Limited (Finlays) and Emergent Cold LP (Emergent Cold) have announced that they have signed a Sale and Purchase agreement for the transfer of Finlays’ temperature-controlled logistics business in Sri Lanka to Emergent Cold. The transaction was completed on 29 January, 2019.
Finlays Colombo Limited has been operating in Sri Lanka since 1893 and is part of Finlays, which itself is part of the worldwide Swire Group of Companies. Finlays is one of the world’s leading suppliers of tea (in all formats), coffee and botanical extracts to brand owners. It operates a vertically-integrated supply chain spanning tea estates, tea sourcing, and packing; tea, coffee and botanical extraction; and new product development. Finlay Cold Storage (Pvt) Limited is a state-of-the-art temperature- controlled logistics business, with a cold storage capacity of 14,000 pallet positions, and is the largest of its kind in Sri Lanka, with nationwide service capabilities.
Gihan Jayasinghe, CEO and Country Head of Finlays in Sri Lanka, stated that “this sale forms part of a strategic divestment process currently underway at Finlays Colombo to enable the company to better focus and grow its core tea-related businesses. We are delighted that a globally-renowned Cold Chain service provider such as Emergent Cold has decided to acquire this business from us and enter the Sri Lankan market, to team up with our employees and continue to offer high quality and world class services to our numerous customers.”
Neal Rider, CEO of Emergent Cold, said, “Finlays has built the leading cold storage business in Sri Lanka through exceptional customer service, commitment to employees and investment in high quality operations. This acquisition fits our foundational strategy of offering multinational customers a global, high quality cold chain network. We are excited to partner with this outstanding management team to support continued growth and expansion in Sri Lanka as part of Emergent Cold’s network.”
Emergent Cold was founded in 2017 with the vision to build a global cold chain solution for multinational customers. Emergent Cold has grown through a combination of business acquisitions and greenfield developments in emerging and developing markets.