AEQ this week announced the all-cash sale of its Richmond, VA based portfolio company, Richmond Cold Storage Company, LLC (the "Company" or "RCS"), to strategic acquirer, Southeast Cold Holdings, LLC, a unit within Bay Grove Capital's cold storage platform. RCS is a leading, regional cold storage and logistics provider, which operates a network of 11 owned, leased or managed temperature-controlled and dry warehouses totaling approximately 49 million cubic feet of temperature-controlled warehouse space stretching from Virginia to Alabama. A top 15 North American refrigerated warehouse company, RCS provides contract and public warehousing and warehouse management services to a broad range of companies with a concentration of global Fortune 500 clients.

David Crosland, AEQ Co-Managing Partner, indicated, “Due to the stable cash flows and strong customer relationships at RCS, we were able to sustain growth despite difficult macroeconomic factors. After a 29 month hold, we had no intention of divesting RCS this year, as we think so highly of our RCS management team partners and the Company’s opportunities for continued growth. However, the Company’s strategic position in the marketplace enabled us to garner a value at a level today that we couldn’t afford to pass up. We know that the RCS management team, under the direction of its President, Mike McClendon, will do a fantastic job for Bay Grove, consolidating their combined East Coast operations.” Mike McClendon, President of RCS, added, “We enjoyed working with the team at Atlanta Equity to help transition the Company from that of a family-owned business into a complete organization with infrastructure and systems capable of optimizing current operations and scaling to the larger asset infrastructure that Bay Grove has assembled on the East Coast and nationally. In addition, the capital and board level support provided by AEQ allowed RCS to continue aggressively pursuing warehousing and logistics opportunities with new and existing customers.”