Global Rental Giant Buys Majority Stake In Eurocold

Brisbane-based Eurocold has taken another step in its rapid expansion with French giant, Petit Forestier Group, taking a majority shareholding in the business.

Chief Executive Officer Avraam Solomon says the company was drawn to Eurocold’s specialised focus on refrigerated assets, premium positioning, fleet of recent vehicles, and focus on being full service cold fleet partners to customers.

The deal coincides with the company’s expansion through Australia including new and expanded headquarters in the City of Logan midway between Brisbane and the Gold Coast, and the more recent purchase of Damien Cole Group (DCG) in Perth. With a new depot in Melbourne on the horizon, Eurocold will boast coverage extending across Queendland, NSW, Victoria and WA.

Petit Forestier Group was founded in 1907 and has a presence in 20 countries with over 300 sites, 80,000 vehicles on the road, 49,000 refrigerated display units, 5,700 containers and a team of more than 5,600 employees globally.

The company’s acquisition of a majority shareholding in Eurocold represents the French group’s first entry into Australia and just the third country in the Southern Hemisphere it has invested in. The majority of its foothold is on continental Europe with outlets in South Africa, the UAE and New York City.

Eurocold was founded in 2021 and specialises in the rental of refrigerated vehicles. Today, it has a fleet of 260 refrigerated vehicles and a growing, experienced team of 35 people.

Solomon assures the market Eurocold’s quality and service for customers will step forward significantly with the global know-how, technology share and industry experience of the Petit Forestier Group.

Founded in 2021, Eurcold has a fleet of 260 refrigerated vehicles and 35 employees

He says the Australian business has been built on embracing technology and innovation led by the exclusive relationships with Isokit three years ago and the launch of electric truck start-up Revora in March 2023 – “our futures brand that will enable transport companies to transition into a fully electric, non-fossil fuel delivery platform”.

“Petit Forestier Group’s expertise, their commitment to the industry, and the priority they give to their employees all make this acquisition an ideal partnership,” Solomon says.

“Our knowledge of the Australian market combined with Petit Forestier Group’s experience will enable us to build on our position as a leader in the Australian market.”

Head of Petit Forestier Group, Leonard Forestier, says the will accelerate its growth internationally.

With the addition of the Eurocold business, the group will now be generating 50 per cent of its vehicle rental business outside of France.

“Eurocold is a great entrepreneurial success story whose values – such as service and customer satisfaction – are in line with those of the Petit Forestier Group,” he says.

“We are delighted to welcome the Eurocold team to the group and add Australia and New Zealand to our expanding market position globally, especially in collaboration with Avraam, who has the talent and experience to develop our model in this market.”

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