Apollo invests in Primafrio, but founders remain majority partners

New York, 21 Mar The US investment fund Apollo announced on Monday that it agreed to invest in the Spanish refrigerated goods transport company Primafrio to accelerate its expansion, but its founders will remain the majority shareholders. The operation, which the fund will carry out through its Apollo Infrastructure arm, “will help accelerate the company's strategic growth plans, including investment in its infrastructure network and further international expansion,” a joint statement said. Primafrio, created in 2007, specializes in temperature-controlled logistics services for the transport and storage of perishable, pharmaceutical and high-value goods, with a fleet of 2,300 vehicles and a presence in almost the entire European Union. The founders of the company based in Murcia (Spain), Juan Conesa and José Esteban Conesa, who are respectively CEO and CEO, will remain in management and said they were “very pleased” to welcome Apollo as a “long-term strategic partner”. One of Apollo's heads of Global Infrastructure, Dylan Foo, noted that the fund was attracted by Primafrio's “scale, resilience and operational excellence,” as well as its “commitments to sustainability and energy transition in the transport and logistics sector.” The operation, which is subject to the green light of regulators, will be expected to close halfway this year, the note adds. CHIEF nqs/fixed/lll