A warehouse of Korea Superfreeze
Korea Superfreeze Co., 24.95% owned by Goldman Sachs PIA, will spend 2.5 trillion won ($2.2 billion) in building six cold storage facilities in South Korea this year, part of which the private equity firm will finance, according to sources with knowledge of the matter on Apr. 26.
Its facility investment plan comes as Coupang Corp., the country s No.2 e-commerce platform is expected to invest around 4 trillion won in securing new distribution centers over the next five years following its $4.6 billion New York listing last month.
Founded by private equity firm EMP Belstar in 2015, Korea Superfreeze was the first company in the country to use cold energy extracted from liquefied natural gas (LNG) frozen at minus 162 degrees to refrigerate vast storage warehouses.