Brisbane-based refrigerated truck rental leader, Eurocold has taken another step in its rapid expansion with the announcement that French giant, Petit Forestier Group has taken a majority shareholding in the business.
The company was drawn to Eurocold’s specialised focus on refrigerated assets, its premium positioning, fleet of recent vehicles and focus on being full service cold fleet partners to its customers.
The arrangement comes as Eurocold continues to build towards an expansion through Australia – announced in May 2023 – and will soon move into its new expanded headquarters in the City of Logan midway between Brisbane and the Gold Coast, Queensland.
Petit Forestier Group was founded in 1907 and is in 20 countries with over 300 sites, 80,000 vehicles on the road, 49,000 refrigerated display units, 5,700 containers and has a team of more than 5,600 employees globally.
The majority shareholding in Eurocold represents its first entry into Australia and just the third country in the Southern Hemisphere it has invested in. The majority of its foothold is on continental Europe with outlets in South Africa, the UAE and New York City.
Eurocold was founded in 2021 by Avraam Solomon and specialises in the rental of refrigerated vehicles. It has a fleet of 260 refrigerated vehicles and a growing, experienced team of 35 people.
The Petit Forestier Group will now be generating 50% of its vehicle rental business outside of France and is thus showing its ambition to become the world leader in sustainable refrigerated vehicle rental.
Both Eurocold and Petit Forestier Group recognise that from opening discussions, there were aligned values with a focus on service, customer satisfaction and close working relationships.
Avraam Solomon assures the market that Eurocold’s quality and service for customers will step forward significantly with the global know-how, technology share and industry experience of the Petit Forestier Group, coupled with its expansion into new capital city markets and the City of Logan facility. Eurocold will continue to retain its service-based focus, which fits inline with that of the international team.
Eurocold’s business is built on embracing technology and innovation led by the exclusive relationships it built with Isokit three years ago and the launch of Revora in March 2023 – the brand under the Eurocold umbrella that will enable transport companies to transition into a fully electric, non-fossil fuel delivery platform.
“Petit Forestier Group’s expertise, their commitment to the industry and the priority they give to their employees all make this acquisition an ideal partnership,” said Avraam Solomon. “Our knowledge of the Australian market combined with Petit Forestier Group’s experience will enable us to build on our position as a leader in the Australian market. Above all, it was important for me to go beyond a simple financial transaction, which was an obvious choice with Léonard Forestier.”
Head of Petit Forestier Group, Leonard Forestier is also delighted with the deal, saying: “The acquisition of Eurocold will accelerate our growth internationally. Eurocold is a great entrepreneurial success story whose values – such as service and customer satisfaction – are in line with those of the Petit Forestier Group. We are delighted to welcome the Eurocold team to the Group and add Australia and New Zealand to our expanding market position globally, especially in collaboration with Avraam, who has the talent and experience to develop our model in this market.”