The Seattle-based Joshua Green Corporation has agreed to purchase a majority stake in Bellingham Cold Storage, according to an announcement released May 29.
Bellingham Cold Storage has been owned by the Talbot family since it started on the Bellingham waterfront in 1946. After the sale, The Joshua Green Corporation will own a majority stake in the company and the Talbot family will remain as shareholders. Doug Thomas will remain as president and CEO.
Stanley McCammon, Joshua Green Corporation president and CEO said in a statement that he doesn’t anticipate the corporation will make any changes to Bellingham Cold Storage’s management team or the way the company operates.
“We recognize the importance that a business plays in the life of its employees and within a community,” he said. “We seek to enable employees to realize their potential and pursue their interests in a manner that also mutually benefits their colleagues and the company.”
Siblings Stowe and Jane Talbot, third-generation owners of Bellingham Cold Storage, started looking for an investment partner in late 2017 to enable the family to continue its involvement in the company at a reduced level while also growing the company for the future. The Talbot family is also owner and developer of Barkley Village neighborhood center.
In a press release, Stowe Talbot cites Joshua Green Corporation’s business acumen, financial resources and shared values as the reason they chose the corporation as business partners.
“The Joshua Green Corporation will be the ideal partner to take Bellingham Cold Storage to the next level,” Stowe Talbot said, in a statement. “They impressed us with their experience investing in companies like ours and with their values, vision and optimism.”
Bellingham Cold Storage has around 150 employees and two facilities in Bellingham. One is on the waterfront, the other on Orchard Drive, off of Guide Meridian. It provides storage, handling and logistics solutions for food customers. Over the years, the company has become the largest portside cold storage facility on the West Coast. It handles more than 200 million pounds of products per year, ranging from seafood to berries to packaged foods.
Joshua Green Corporation is a privately-held company that invests in public equities, real estate and privately-owned businesses. Joshua Green first arrived in Washington in 1886. He eventually found the Puget Sound Navigation Company, which would become the basis for Washington State Ferries. For more information, visit http://www.joshuagreencorp.com.