Finlays Colombo Ltd. (Finlays) and Emergent Cold LP (Emergent Cold) had recently announced that they have signed a Sale and Purchase agreement for the transfer of Finlays’ temperature-controlled logistics business in Sri Lanka to Emergent Cold. Reports said that transaction was completed this week.

Finlays Sri Lanka CEO and Country Head Gihan Jayasinghe had said that the sale forms part of a strategic divestment process currently underway at Finlays Colombo to enable the company to better focus and grow its core tea-related businesses.

“We are delighted that a globally-renowned Cold Chain service provider such as Emergent Cold has decided to acquire this business from us and enter the Sri Lankan market, to team up with our employees and continue to offer high quality and world class services to our numerous customers” Jayasinghe added.

Meanwhile Emergent Cold CEO Neal Rider had said that Finlays has built the leading cold storage business in Sri Lanka through exceptional customer service, commitment to employees and investment in high quality operations.

“This acquisition fits our foundational strategy of offering multinational customers a global, high quality cold chain network. We are excited to partner with this outstanding management team to support continued growth and expansion in Sri Lanka as part of Emergent Cold’s network” Rider added.

Finlays Colombo Limited has been operating in Sri Lanka since 1893 and is part of Finlays, which itself is part of the worldwide Swire Group of Companies. Finlays is one of the world’s leading suppliers of tea (in all formats), coffee and botanical extracts to brand owners. Emergent Cold has been founded in 2017 with the vision to build a global cold chain solution for multinational customers. Emergent Cold has grown through a combination of business acquisitions and greenfield developments in emerging and developing markets.