Germany-based cold-chain logistics and freight provider Frigo-Trans is on the market in an auction process led by Lazard, according to two sources familiar with the situation and a document seen by this news service.

The process is advanced and bidding for the privately-held business has entered the second round, one of the sources said.

The document shows that in 2023 the company had around EUR 30m of earnings before interest, tax, depreciation, amortisation and rent costs (EBITDAR). Its revenue was around EUR 90m that same year, the first source said.

The auction is likely to have attracted PE as well as infrastructure funds given the company’s services and solutions within temperature-sensitive transportation and storage focused on healthcare and pharmaceutical industries, the second source noted.

Public filings show the legal name of Frigo-Trans as FT Beteiligungsgeschaft, and list its owners as Florian Arndt and Reiner Ross.

Arndt is based in Switzerland and a director of Lamont Capital, according to his LinkedIn profile. Lamont Capital has the same filing address as FT Beteiligungsgeschaft.

Ross is the CEO of Frigo-Trans, according to the company’s website.

Founded in 1988, Frigo-Trans has a transport fleet of around 200 vehicles, over 250 employees and up to 55,000 m2 of cold storage space, according to the document. The company’s LinkedIn entry says it has more than 200 employees.

Lazard declined to comment. Frigo-Trans, Lamont Capital, Florian Arndt and Reiner Ross did not respond to requests for comment.