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Article: Yucaipa bails out Eimskip, takes large stake in Versacold.(Warehousing World)
- Article from:
- Quick Frozen Foods International
- Article date:
- July 1, 2009
CopyrightCOPYRIGHT 2009 E.W. Williams Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Yucaipa Companies, a Los Angeles, California SA-headquartered investment firm, has rescued Iceland's Hf. Eimskipafelag Islands (Eimskip) largest shipping and logistics company in the North Atlantic, with a $2 billion restructuring plan.
The investment firm has also acquired a 49[degrees]/5 stake from Eimskip in Versacold International, the second largest cold storage company in the world with sales of over $1.2 billion, with an option to acquire the remaining 51%.
Eimskip was caught in Iceland's economic meltdown, and Yucaipa worked with the company and Landsbanlki to formulate a strategic plan that would allow it to return to its core shipping and ...