Yucaipa Leads $2.0 Billion Global Restructuring of Eimskip

Also announces a major investment in Versacold, the largest global integrated
cold storage network

LOS ANGELES, June 30 /PRNewswire/ -- Los Angeles based investment firm, The
Yucaipa Companies, LLC ("Yucaipa") announced today the $2.0 billion global
restructuring of Hf. Eimskipafelag Islands ("Eimskip"), the largest shipping
and logistics company in Iceland and the North Atlantic. Yucaipa worked with
Eimskip and Landsbanki to formulate a strategic plan that would allow the
company to return to its core shipping and logistics business. Yucaipa's
commitment to fund new equity into Eimskip marks the first major investment by
a U.S. firm since Iceland's economic meltdown.

Gylfi Sigfusson, CEO and President of Eimskip commented, "I am pleased to
announce the involvement of Yucaipa with Eimskip, as I believe that the
support of a foreign investor into Iceland is a very positive step for our
whole economy and demonstrates that there are investors willing to support
Iceland going forward. We see Yucaipa as much more than a financial investor
as they will also bring operating expertise and strategic options to our
re-constructed business. We look forward to exploring the options for Eimskip
and other Yucaipa portfolio companies to realise the obvious opportunities
that will exist between a leader in cold storage and Eimskip's shipping and
logistics operation."

Eimskip was founded in 1914 as Iceland's first shipping company and since then
has played a vital role importing and exporting goods to and from Iceland.
Eimskip also has extensive shipping and distribution operations in the Faroe
Islands, Norway and Europe. It is the leading shipping company in the North
Atlantic with sales of $736 million and is an active participant in the
worldwide refrigerated logistics business.

Yucaipa also announced today the acquisition of 49% of Versacold International
Corporation from parent Eimskip and an option to purchase the remaining 51%.
Versacold is the second largest cold storage company in the world with sales
of over $1.2 billion. A provider of frozen food logistics and supply chain
services, the company operates more than 120 modern, temperature-controlled
warehouses and distribution centers across United States, Canada, Argentina,
New Zealand and Australia. Versacold has the largest integrated cold storage
network in the world and can service virtually any aspect of its customers'
temperature-controlled supply chain needs.

Yucaipa is also the owner of Americold Realty Trust, the market leader in the
United States temperature controlled food logistics industry. Americold
operates 104 cold storage facilities in the United States and has a sizeable
transportation and distribution product offering.

At present, Yucaipa will not acquire a controlling stake in Versacold.
Consequently, both Americold and Versacold will continue to operate
independently and compete in the marketplace.

The management teams of both companies will remain in place and separate. The
Boards of Directors of both companies will also be independent. Versacold's
CEO Brent Sugden comments: "This is a great outcome to our sale process.
Yucaipa is well familiar with our business sector and the food industry as a
whole. We share a common vision to be a best in class company and to continue
growing the business domestically and globally. Yucaipa has the resources and
expertise to make this happen. Versacold has strong brand recognition and I am
pleased that we will continue to do business as Versacold and that our
management and support teams will continue to serve our valued customers."

Ron Burkle, managing partner of Yucaipa stated that: "Versacold is an
excellent company with a dedicated management team that has enjoyed a number
of successes and accomplishments upon which we intend to build. I believe that
Yucaipa's complementary and extensive operations in logistics will facilitate
Versacold's current plans to expand its presence in public refrigerated
warehousing, third party logistics and transportation. Yucaipa's investment
will help ensure Versacold's existing customers are offered the same quality
of service across an even broader spectrum of the supply chain."

About The Yucaipa Companies
The Yucaipa Companies is a premier investment firm that has established a
record of fostering economic value through the growth and responsible
development of companies. Since its founding in 1986, the firm has completed
mergers and acquisitions valued at more than $30 billion. As an investor,
Yucaipa works with management to strategically reposition businesses and
implement operational improvements, resulting in value creation for investors.

SOURCE The Yucaipa Companies

Frank Quintero of The Yucaipa Companies, LLC, +1-310-228-2895