News & Insights

São Paulo, Brazil – October 2025 – Aqua Capital announces the completion of the sale of Comfrio Inteligência em Soluções Logísticas (“Comfrio”), a Fund III portfolio company, to Emergent Cold Latin America (“ECLA”), the largest cold-chain logistics operator in Latin America and the Caribbean.

Comfrio is Brazil’s leading temperature-controlled logistics platform, with more than one million cubic meters of cold, refrigerated, and dry storage capacity across 28 sites nationwide. Operating under an asset-light model, the company provides mission-critical logistics solutions to major clients in the food and agribusiness value chains, recognized for its operational excellence and customer focus.

ECLA operates over 70 facilities in 11 countries, totaling 5.4 million cubic meters of capacity, and is backed by global investors Stonepeak and Lineage Logistics. The combination of ECLA and Comfrio creates the largest integrated cold-chain platform in the region, strengthening service capabilities and expanding coverage nationwide.

The transaction represents one of the rare liquidity events in the current Latin American environment, highlighting Aqua Capital’s continued ability to deliver outcomes in complex market conditions. It was completed following a period marked by macroeconomic volatility and geopolitical uncertainty, and through strong collaboration and disciplined execution among all parties.

Comfrio became part of Aqua Capital Fund III in August 2023. Leveraging its deep knowledge of the business and a strong partnership with the management team, Aqua Capital executed a focused, opportunistic value-creation plan centered on operational efficiency, cost optimization, and organizational redesign. Within just two years, this approach enhanced governance, improved margins, and strengthened service capabilities, positioning Comfrio as a best-in-class logistics operator and an ideal strategic partner for ECLA.

“We operated Comfrio for almost a decade before selling. We were fortunate to step in again in 2023 and have a second go at it. Emergent is a great owner for Comfrio,” said Sebastian Popik, Managing Partner of Aqua Capital.  Felipe Pedrosa, Partner of Aqua Capital, added: “The Food Service business that we kept is very well positioned in its industry. It has an exciting journey ahead.”

Key initiatives included efficiency programs, capital structure optimization, customer-retention enhancements, and the reinstatement of ESG and cybersecurity agendas across executive KPIs — further reinforcing Comfrio’s institutional standards and long-term competitiveness.

As part of the transaction, Aqua Capital’s Fund III will retain Comfrio’s Food Service business as a standalone growth platform, becoming Fund III’s seventh platform, and continuing to develop asset-light logistics solutions tailored to Brazil’s expanding foodservice sector.

This exit underscores Aqua Capital’s ability to build leading platforms across critical segments of the food and agribusiness ecosystem, combining transformation, professionalization, and impact to deliver long-term value.

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About Aqua Capital
Aqua Capital is a leading private equity firm dedicated to agribusiness and food investments across the Americas. With deep sector expertise, a data-driven investment process, and an operations-driven approach to value creation, Aqua transforms mid-market companies into regional leaders. Committed to embedding rigorous ESG and positive-impact standards, the firm integrates these principles throughout its investment lifecycle, from origination to exit, while advancing key macro trends such as climate resilience, food security, health and wellness, and technological disruption. Since its founding in 2009, Aqua Capital has raised over $1 billion and invested in more than 45 companies. For more information, please contact investor.relations@aqua.capital.

About Emergent Cold Latin America
Emergent Cold Latin America is the largest provider of temperature-controlled logistics infrastructure in Latin America and the Caribbean, offering integrated cold-chain solutions to leading food and agribusiness companies. The company operates more than 70 facilities across 11 countries, providing reliable and efficient services throughout the region.