Late last year the group also acquired Australia’s Doboy Cold Stores.
Cold Land is the parent company of Frissul and Frigomato, which together offer 303,200 cubic meters of storage capacity, making it the leading cold storage operator in Portugal and a key player in the Iberian Peninsula.
AGRO says this latest acquisition "expands its footprint in a key strategic region" and "significantly broadens its capabilities and service offerings throughout the food supply chain."
The current management team, led by CEO Afonso Almeida, will continue to lead the business in Portugal.
The company’s largest cold store is located in Carregado Industrial Estate in the Lisbon district. Two additional facilities are based in Aveleda and Aguda, both in the Porto area.
AGRO said the business was well-known for its high levels of quality, innovation and extensive expertise in value-added services, plus technology systems that enhances productivity throughout the distribution process.
“Frissul and Frigomato are valuable additions to our global cold storage network given the quality infrastructure, customer base and focus, management team and high standards of service,” AGRO Merchants Group CEO Carlos Rodriguez says.
“The Iberian Peninsula is also one of several key clusters for our group, with current operations in Algeciras and the Barcelona area and plans to expand further in the region.
"The addition of Frissul and Frigomato extends our geographical coverage and enhances our capability to offer full transportation and distribution solutions to existing and new customers.”