Aberdeen container firms acquired by Cargostore – Daily Business

Cargostore Worldwide, a global supplier of shipping containers for onshore and offshore projects, has acquired two Aberdeen-based companies, Reftrade UK and Environstore.

The multi-million pound deal marks Cargostore’s first acquisition in its 30-year history and signals a new phase of growth for the combined group.

Cargostore, Reftrade and Environstore under the continued investment of Connection Capital and Agathos Management. Together, the businesses are now positioned to scale across the UK and international markets.

The move marks a major step in Cargostore’s strategic expansion into key UK offshore hubs, including Aberdeen, a global epicentre for offshore logistics. The acquisition enables rapid mobilisation across Scotland, the North East of England and East Anglia, significantly strengthening Cargostore’s domestic footprint.

These additions allow Cargostore to meet growing demand across offshore wind, decommissioning, clean energy and pharmaceuticals, while continuing to support complex global operations with scale and speed.

Both Cargostore in England and Reftrade in Scotland played vital roles in rapidly deploying cold storage units during the UK’s COVID-19 testing and vaccination rollouts.

Andrew Hart, CEO of Cargostore Worldwide, said: “Over the past five years Cargostore has organically grown from strength-to-strength.

“The transition to renewable offshore energy sources, decarbonisation and decommissioning has been a core part of Cargostore’s growth story alongside supporting the global demand for clean gas and oil.

“This is an exciting moment as we fast-track our global growth through key strategic partnerships, new products, new geographies and for the first time, acquisitions. In other words, we’re just getting started.”

Reftrade UK and Environstore will be 100% owned by Cargostore with no change planned to the existing management and operational teams within both companies.

Greg Spence, who has held the role of managing director of both Reftrade UK and Environstore since their inception, and Martin Baxter who is an existing director, will be supported by the Cargostore management team to take the businesses to the next level.

Mr Spence said: “The acquisition comes at a time of significant growth for all three companies and is the natural next step to collectively enhance our position as a global leader in the safe and timely delivery of the latest industry accredited refrigerated containers and temperature controlled units.”

Bernard Dale, managing partner of Connection Capital, added: “We supported the management team at Cargostore in a management buyout in 2020.

“The company has grown exceptionally well since our investment and we are delighted to see the acquisition of Reftrade and Environstore enhancing its product and service offering to its global customer base.”