Cargostore Worldwide announces dual acquisitions.
Connection Capital portfolio company Cargostore Worldwide, a leading global supplier of DNV and ISO certified shipping containers for onshore and offshore projects, has today announced the completion of its acquisition of two independently owned, Aberdeen-based companies; Reftrade UK and Environstore.
The multi-million pound deal marks Cargostore’s first acquisition in its 30-year history and signals a new phase of growth for the combined group; Cargostore, Reftrade and Environstore. Together, the businesses are now positioned to scale across the UK and international markets.
Connection Capital clients invested in the £24m MBO of Cargostore in 2020. Bernard Dale, Managing Partner at Connection Capital commented:
"Cargostore has grown exceptionally well since our investment and we are delighted to see the acquisition of Reftrade and Environstore enhancing its product and service offering to its global customer base."
The move marks a major step in Cargostore’s strategic expansion into key UK offshore hubs, including Aberdeen, a global epicentre for offshore logistics. The acquisition enables rapid mobilisation of high-spec DNV 2.7-1 and ISO certified equipment across Scotland, the North East of England and East Anglia, significantly strengthening Cargostore’s domestic footprint.
By adding Reftrade’s Zone 2 ATEX approved EX refrigerated containers; ideal for hazardous offshore and pharmaceutical environments and Environstore’s mudskips for drilling and decommissioning projects, Cargostore expands both its inventory and capability. These additions allow the company to meet growing demand across offshore wind, decommissioning, clean energy and pharmaceuticals, while continuing to support complex global operations with scale and speed.
Reftrade and Environstore clients will now benefit from access to Cargostore’s extensive fleet of CSC certified Cargo Carrying Units (CCUs), all compliant with DNV 2.7-1 standards, ensuring seamless support for projects in even the most challenging offshore conditions.
The acquisition also enhances Cargostore’s Intermodal Division, building on its strong track record in delivering temporary cold storage solutions to pharmaceutical and humanitarian sectors worldwide. With Reftrade’s Zone 2 ATEX approved reefers now part of its product range, Cargostore is well positioned to support the highly regulated global pharmaceuticals market where volatile substances must be stored at stable temperatures in hazardous environments.