Everwood Capital, through its Transport & Logistics Fund, has reached an agreement to acquire 100% of Tudefrigo, one of Spain’s leading international temperature-controlled transportation operators. The transaction, which has already received clearance from Spain’s National Commission on Markets and Competition (CNMC), represents a further step in the firm's consolidation strategy within the logistics and cold-chain sectors.
With the addition of Tudefrigo to its temperature-controlled transportation platform, alongside Transportes Cruz and Grupo Transmolbo, Everwood Capital will create the fifth-largest international refrigerated transport operator in Spain and Portugal, in a market currently led by Primafrio.
Founded in 1993 by the Tudero García brothers in Gipuzkoa, Tudefrigo has established itself over more than three decades as one of the benchmark companies in international refrigerated transport. The company generates annual revenues of approximately €90 million and EBITDA of around €3.5 million. It employs 425 professionals and operates a fleet of more than 700 vehicles, including approximately 300 tractor units and over 400 refrigerated trailers.
The company also benefits from an extensive logistics infrastructure comprising more than 52,500 square metres of facilities across its headquarters in Lasarte (Gipuzkoa) and operational sites in Tudela (Navarre), Algeciras (Cádiz), El Ejido (Almería) and Tangier (Morocco), while maintaining operations across Spain, Portugal, Morocco and the United Kingdom.
The transaction includes the acquisition of several group companies, including Tudefrigo Logística, TDF Sur, TDF Portugal and TDF Morocco, highlighting both the complexity of the deal and the international reach of the acquired platform.
Building a Leading International Refrigerated Transport Platform
The integration of Tudefrigo with Transportes Cruz and Grupo Transmolbo will create one of the largest specialised international refrigerated transport platforms in the Iberian Peninsula.
The combined group will generate revenues of approximately €160 million, EBITDA of close to €10 million, employ around 775 professionals and operate a fleet of more than 1,400 vehicles.
The platform will also benefit from a strong operational footprint across Navarre, Castilla-La Mancha, Murcia, Alicante, Valencia, the Basque Country, Almería, Cádiz and Morocco, strengthening its position along key logistics corridors connecting Europe and North Africa.
The new group will combine deep sector expertise, significant operational scale and an expanding international presence, creating a solid foundation for both organic growth and future expansion through acquisitions.
A Consolidation Strategy in a Transforming Market
The acquisition of Tudefrigo represents the fifteenth transaction completed by Everwood Capital’s Transport & Logistics Fund since its inception, reaffirming the firm's active consolidation strategy in a highly fragmented industry.
Cold-chain logistics has become one of the most attractive segments within the logistics market, with annual growth rates exceeding 6% in Spain and a large population of medium-sized family-owned businesses offering significant consolidation opportunities.
In recent weeks, Everwood also announced the integration of Grupo Transmolbo, a Valencia-based operator specialising in fruit and vegetable transportation with revenues of approximately €25 million, with Transportes Cruz, another portfolio company. That transaction created a platform generating close to €70 million in revenues, employing more than 340 people and operating a fleet of over 620 vehicles. The addition of Tudefrigo significantly accelerates this strategy and further strengthens the platform’s leadership position within the international refrigerated transport segment.
Since launching its dedicated transport and logistics investment vehicle, Everwood has built a diversified portfolio of logistics companies that, according to the firm's own estimates, collectively generate more than €400 million in annual revenues.
Notable acquisitions include Transaez, Maresa Logística, Altair CL, A Tu Hora Express, Grupo Trelix, and the simultaneous integration of Arin Express, Trans Paneuropa and HTG Express, a transaction that positioned the group among Europe’s leading industrial express transport operators.
The platform also includes specialised companies operating across different segments of the logistics value chain, including Agsa-Partida in customs management; Maresa Logística and Altair CL in freight forwarding; Grupo Trelix in industrial express transportation; A Tu Hora Express in last-mile delivery; and Prontia Logística in domestic cold-chain transportation and logistics.
A Model Focused on Leading Family-Owned Businesses
Everwood’s strategy has centred on acquiring family-owned companies with strong regional positions, experienced management teams and significant growth potential, supporting their development through access to financial resources, digitalisation initiatives, ESG programmes and commercial expansion.
The addition of Tudefrigo further reinforces this model and strengthens a platform that is well positioned to continue leading the consolidation process currently underway in Spain’s logistics sector.
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