2021 priorities support business continuity, growth and innovation
You may have heard that VersaCold Logistics Services has been acquired by TorQuest Partners.
During a time when many businesses have suffered from pandemic-related losses, we’re extremely grateful our business continues to thrive. We’re also excited about the new opportunities we’ll have to further enhance our customers’ success.
That said, we want to share seven priorities for 2021 that will allow us to continue to raise the bar and meet evolving customer needs.
1. Leveraging TorQuest's expertise
TorQuest Partners, our new owner, is a Canadian-owned private equity firm in Toronto with twenty years of experience. The company’s deep Canadian roots means its leaders understand how to navigate this market and are committed to VersaCold’s success here and abroad. Besides this strength, TorQuest’s diverse holdings in the logistics, food, and consumer products spaces will bring a broad range of knowledge and expertise to boost VersaCold’s competitive advantage.
2. Investing in growth
TorQuest Partners believes in the escalating demand for temperature-controlled logistics services and is committed to growing Versacold’s business through partnerships and expansions. As the first platform investment from TorQuest’s Fund V — a $1.375 billion fund that closed in March 2020 — TorQuest has the ability to provide financial support to take VersaCold to the next level.
Investment Management Corporation of Ontario (IMCO) and OPTrust, partners in the acquisition transaction, are also dedicated to supporting VersaCold’s continued growth as Canada’s leading food-focused temperature-sensitive warehousing and logistics company.
3. Prioritizing what matters
VersaCold will continue to focus on delivering against our purpose of helping to ensure the safety, quality, and freshness of the food families eat. This is our core value and will remain at the forefront of business operations and decisions.
4. Launching new initiatives
TorQuest shares our vision to remain the most trusted, reliable, long-term food safety partner for our customers. We will spearhead three key initiatives in 2021 to help us exceed our customers’ expectations in quality management and food safety:
-
- Investment in Management: Versacold’s existing leadership team has been elevated to higher-level roles and responsibilities. This new management structure will allow our customers to benefit from our proven operations management and expertise, as part of our ongoing commitment to safety, exceptional service, and continuous innovation.
- New Quality Management Initiatives: Food safety will remain a top priority, with new quality management systems planned for implementation in the coming months. This will help ensure our customers continue to benefit from efficient processes and technologies that continue to support their success.
- Strategic Partnerships: Versacold will be examining potential opportunities to invest in select long-term partnerships with strategic customers. The intentions of these investments will be to construct and operate new facilities and other logistics infrastructure in Canada, North America, and around the world that will add increased value to our customers’ supply chain.
- Investment in Management: Versacold’s existing leadership team has been elevated to higher-level roles and responsibilities. This new management structure will allow our customers to benefit from our proven operations management and expertise, as part of our ongoing commitment to safety, exceptional service, and continuous innovation.
5. Ensuring smooth transitions
While we are constantly evaluating our warehouse and transportation network to meet the needs of our end-to-end customers, VersaCold is operating in a “business as usual” manner.
As Canada’s largest provider of temperature-controlled food-focused 3PL services, we have twenty-three public refrigerated warehouses enhanced by a transportation network to continuously provide our customers’ with the services they need.
Our transportation management team will help ensure a smooth transition for customers who have been working closely with Coastal Pacific Xpress. Since CPX was not included in the acquisition, it will operate independently and remains under the ownership of KingSett Capital and Ivanhoe Cambridge, VersaCold’s previous owners.
6. Investing in people
TorQuest believes in strong leadership and ensuring business continuity. For these reasons, VersaCold’s current management team has been retained and key leaders have been promoted.
Specifically, Mike Arcamone has been elevated from President and Chief Operating Officer to President & Chief Executive Officer (CEO). Sandro Caccaro has also been promoted into the role of Chief Operating Officer (COO), with oversight of all VersaCold operations.
7. Maintaining customer relationships
VersaCold’s customers continue to be of the greatest importance to our business. If you have any additional questions about how we will continue to meet your needs, please feel free to reach out to your Business Development representative at 1-800-563-2653 or email sales@versacold.com.
VersaCold Logistics Services is Canada’s largest company offering food-focused, temperature-sensitive logistics services. If you have any questions or want to inquire about supply chain or other logistics needs, contact sales@versacold.com or 1-800-563-2653.
