Vertical Cold Storage leverages venture capital backing for latest acquisition

The temperature-controlled DC operator Vertical Cold Storage has acquired MWCold, which operates more than 545,000 square feet of warehouse space at two facilities in central Indiana.

Terms of the deal were not disclosed, but South Dakota-based Vertical Cold Storage was founded in 2020 with funding from the real estate investment firm Platform Ventures. The venture-backed company has swiftly rolled up acquisitions in the cold storage sector, including multiple deals in 2022.

MWCold is a fourth-generation family-owned provider of multi-temperature warehouse services, with locations in Indianapolis and Pendleton, Indiana. The company primarily serves the food, pharmaceutical, and manufacturing industries with its two central Indiana locations offering inside rail, 61 doors, separate rooms and -20° capabilities with racked and bulk areas.

“MWCold’s pursuit of excellence is built on strong core values and solid operating principles. Providing a family environment where our employees can find acceptance, opportunity and purpose defines our mission. With Vertical Cold, we have found a team we trust to hand over the company my grandfather founded more than 70 years ago,” Tim Siddiq, Chairman & CEO of MWCold, said in a release. “Personally, the move allows me to spend more time on mission activities like supporting Afghan and other refugees transition to the US and reach their full potential in a dynamic and growing business environment.”