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  • 🧊 I Squared Capital invests $130 million in Philippine cold storage

🧊 I Squared Capital invests $130 million in Philippine cold storage

October 31, 2025

Welcome back to CubeCold News where we cover the latest developments in the cold chain industry and temperature-controlled logistics.

In today’s edition:

  • I Squared Capital invests over $130 million in Philippine cold storage

  • Maersk invests over $100 million in South African cold chain infrastructure

  • Consolidated Grünenfelder Saady Holding Company announces Saudi Exchange IPO

  • Fujitsu, Logistics Knight Japan, and Isuzu Motors launch pharmaceutical logistics platform pilot

  • Green Dome Investments acquires Transcorp International for AED 225 million ($65 million)

News

I Squared Capital invests over $130 million in Philippine cold storage Global infrastructure investment firm I Squared Capital is expanding its Philippine presence with over $130 million in new cold storage facility investments, part of its $2 billion committed investments in the country.

  • The funding includes a $30 million expansion of Royale Cold Storage (RCS) in Plaridel, Bulacan, and other sites nationwide, bringing total cold storage investments to over $100 million by 2026.

  • I Squared Capital’s founder Sadek Wahba cited the Philippines' strong macroeconomic fundamentals, fiscal reforms, and skilled population as key investment drivers.

  • To manage energy costs, the company uses AI-driven efficiency technologies and solar power, currently sourcing 20% from rooftop panels with plans to reach nearly 100% through battery storage systems.

  • Beyond cold storage, I Squared Capital pursues opportunities in renewable energy, energy storage, and digital infrastructure including fiber networks, towers, and data centres, aligning with the government's Build Better More agenda. (The Manila Times)

Maersk invests over $100 million in South African cold chain infrastructure Maersk officially inaugurated the Belcon cold store facility in Cape Town, marking a major milestone in its $100+ million investment in South Africa's cold chain infrastructure.

  • This strategic move addresses critical challenges in the country's perishable exports sector, where delays and broken cold chains cost the grape industry alone up to 1.5 billion Rand ($87 million) annually.

  • Maersk now operates three world-class cold storage facilities in South Africa - Belcon, Cato, and PreCool, offering 32,000 pallet positions combined.

  • These facilities feature strategic proximity to Cape Town and Durban ports, rail sidings, highway connections, on-site container depots, and renewable energy systems.

  • The investment reinforces Maersk's commitment to supporting South Africa's agricultural exporters, particularly in the citrus and table grape sectors, by ensuring reliable cold chain logistics. (Maersk)

Consolidated Grünenfelder Saady Holding Company announces Saudi Exchange IPO Consolidated Grünenfelder Saady Holding Company (CGS), a Saudi market leader in cold chain technology and refrigeration solutions, announced its intention to list on the Main Market of the Saudi Exchange (Tadawul).

  • The IPO will offer 30 million ordinary shares, representing 30% of the company's issued share capital, with the final price determined through book-building.

  • Founded in 1976 as a joint venture, CGS commands approximately 45% market share in Saudi transport refrigeration.

  • The company operates manufacturing and after-sales facilities in Riyadh, Jeddah, Dammam, and Bahrain, serving critical sectors including food and beverage, pharmaceutical, medical, telecom, oil and gas, and defence.

  • The IPO timeline includes institutional book building from November 5-11, individual investor subscription on November 26-27, with final allocation on December 3.

  • The listing aims to accelerate CGS's contribution to Saudi Vision 2030 by strengthening food security and advancing healthcare logistics. (Zawya)

Fujitsu, Logistics Knight Japan, and Isuzu Motors launch pharmaceutical logistics platform pilot Fujitsu Limited, Logistics Knight Japan (LKJ), and Isuzu Motors announced a joint pilot project beginning in November to build an integrated pharmaceutical logistics management platform covering the entire supply chain from manufacturing to final delivery points.

  • Selected by Japan's Ministry of Land, Infrastructure, Transport and Tourism for its Logistics Innovation Implementation Support Project, the initiative addresses three key areas: visualization of inventory and temperature data complying with Good Distribution Practice guidelines, implementation of joint transportation for improved efficiency, and verification of palletized transport effectiveness.

  • The project tackles Japan's logistics challenges including labor shortages, aging workforce, reduced transport capacity, and pharmaceutical waste from supply uncertainties and temperature control issues.

  • LKJ provides pharmaceutical logistics expertise, Isuzu contributes its GATEX fleet management system for vehicle monitoring, and Fujitsu supplies data management technologies and Dynamic Supply Chain Management offerings. (Fujitsu)

Green Dome Investments acquires Transcorp International for AED 225 million ($65 million) Sustainable Infrastructure Holding Company (SISCO Holding) announced that its portfolio company Green Dome Investments (GDI), signed an agreement to acquire 100% of Transcorp International for AED 225 million ($65 million).

  • SISCO's share of the equity financing will be AED 75 million ($20 million).

  • Transcorp, founded in 2013, specializes in cold chain and temperature-controlled logistics services across Saudi Arabia, UAE, and Qatar, providing warehousing, transportation, and last-mile delivery for dry and temperature-sensitive cargo.

  • The acquisition expands GDI's services and customer base, strengthens its Gulf market presence, and positions it as a regional transportation provider.

  • Post-acquisition, GDI will consolidate UAE and Qatar operations, leverage scale for better supplier terms, and streamline processes.

  • Completion is expected in Q4 2025, subject to customary closing conditions. (SISCO Holding)

Other headlines

Frontier Scientific Solutions launches the world's first dedicated life sciences air route connecting Shannon, Ireland and Wilmington, North Carolina with temperature-controlled Boeing 767 freighters operating six weekly flights exclusively for pharmaceuticals and medical devices.

DACHSER Food Logistics opens new facilities in Waddinxveen, Netherlands and Parma, Italy to expand European operations and consolidate acquired companies Müller Fresh Food Logistics and Frigoscandia under one brand.

M&M Quality Solutions opens an 18,757 sq ft cold storage facility in Kansas City's underground SubTropolis complex to serve as a regional cold-chain hub for food and supplement logistics.

Ten Cool patents a modular Bumper System for refrigerated trailers that improves airflow and temperature control, enabling 11% more cargo capacity and documented annual savings exceeding $1 million in field operations.

South African green-tech company Maxwell+Spark raises $15 million Series B funding from investors including Chevron and Idemitsu to expand its lithium-ion battery systems that replace diesel engines in forklifts and refrigerated transport.

Airports are transforming into critical cold chain hubs with climate-controlled warehouses, specialized cargo systems, and monitoring technologies to support the rapid movement of temperature-sensitive goods like vaccines and perishables.

That’s it for this week!

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