Cold storage warehouse operator Americold announced it has entered a cooperation agreement with activist investor Ancora Group Holdings. The deal adds two board members and establishes a new finance committee to oversee existing shareholder value initiatives.
Strategic investors Joseph Reece, a managing partner at SilverBox Capital, and Stephen Sleigh, a senior advisor at Blue Wolf Capital Partners, were appointed to the board on Monday and will serve on the finance committee. Reece was also added to the investment committee while Sleigh will serve on the audit committee.
The finance committee will review the company’s portfolio and make recommendations for potential sales or divestitures. It will also focus on ways to reduce Americold’s debt and maintain its dividend.
The board size was increased to include 11 directors but will be reduced by one seat at the 2026 annual meeting.
“Joe and Steve bring considerable governance experience as well as expertise in corporate finance, capital markets transactions, and labor relations and shareholder engagement,” said Americold Chairman Mark Patterson in a news release. “We look forward to benefiting from their backgrounds as Americold advances initiatives to enhance profitability and drive sustainable, long-term value creation.”
Shares of Americold (NASDAQ: COLD) are off more than 40% this year. The company has recorded net losses totaling $26 million through the first three quarters of the year after booking net losses of $94 million and $336 million in 2024 and 2023, respectively. Excluding non-cash charges and other items, adjusted funds from operations were $420 million and $352 million in the prior-year periods, respectively. (AFFO is $300 million so far in 2025.)
The company’s net debt burden of $4.1 billion remains elevated in relation to operating results. Net debt-to-last 12 month’s core EBITDA was 6.7 times at the end of the third quarter.
The temperature-controlled real estate market is suffering from the impacts of inflated food costs and a post-pandemic supply overhang.
Cold storage competitor Lineage (NASDAQ: LINE) said on an investor call earlier this month that the market is nearly 10% overbuilt given recent warehouse additions. It said new deliveries will be up 4% this year but will slow to 1.5% next year, allowing occupancy rates to eventually rebound.
Americold also announced it amended a credit agreement, providing it with a new $250 million unsecured line. The funds will be used to repay approximately $200 million in notes that expire next month, with the remainder slated for general corporate purposes.
“Americold is driving a transformation plan centered on our 2026 priorities – strategic capital management, portfolio optimization, operational excellence and disciplined growth,” said Americold CEO Rob Chambers.
Americold’s portfolio includes 1.4 billion cubic feet of refrigerated space at over 230 facilities throughout North America, Europe, Asia-Pacific and South America.
