HIG Capital's OB Streem Acquires Greek Cold-Chain Logistics Firm Med Frigo

OB Streem, the integrated European logistics platform owned by HIG Capital, has completed the acquisition of Med Frigo S.A., a Greek provider of temperature-controlled transportation and logistics services. The deal closed July 13, with financial terms undisclosed.

Med Frigo, founded in 1991, holds a leading position in cold-chain logistics for the Greek aquaculture export market. The company moves fresh fish from Greece’s largest aquaculture producers to buyers across Europe through a network of owned cold-chain facilities and a dedicated refrigerated fleet. Three decades of client relationships and an integrated operating model combining owned infrastructure with optimized round-trip fleet operations have produced what HIG Capital describes as resilient margins through varying market conditions.

The addition of Med Frigo extends OB Streem’s temperature-controlled capabilities and broadens its geographic footprint. With revenues now exceeding $500 million, the combined platform operates across eight countries with more than 2,000 employees and over 400,000 square meters of dry and refrigerated warehouse space.

OB Streem’s Position Across Southeast European Logistics

OB Streem is Greece’s largest end-to-end logistics partner, operating as a gateway for inbound and outbound trade between Europe and the broader EMEA region. Its service offering spans cold storage, ambient storage, container depots, outdoor storage, and freight forwarding. Through more than 85 representation partnerships worldwide, the group’s network reaches 44 European countries, more than 600 ports, and 250 airports.

Med Frigo’s temperature-controlled expertise fills a gap in that platform. Stelios Theodosiou, Managing Director at H.I.G. Realty in Europe, described the rationale: “Med Frigo brings a depth of expertise and a network in temperature-controlled logistics that is difficult to replicate. Together with OB Streem’s existing infrastructure and capabilities, we have created a unique platform. We look forward to working with Alexandros and both management teams to capture the significant opportunities ahead.”

Alexandros Karafillides, who was recently appointed chief executive officer of OB Streem and brings more than 25 years of international experience in the consumer goods sector, said the acquisition deepens what OB Streem can offer customers. “The integration of Med Frigo into our organization will further broaden the solutions we offer, creating new growth opportunities and expanding capabilities in temperature-controlled transportation and logistics,” Karafillides said. “We are building an even stronger organization, further reinforcing our position as a leading reference point in the logistics industry across Southeast Europe.”

HIG Capital’s European Realty Platform Under CEO Brian Schwartz

OB Streem sits within HIG Capital’s European realty portfolio, which has been active across multiple deal types in recent months. The Med Frigo acquisition follows the firm’s completion of a $1.6 billion refinancing of both OB Streem and hospitality platform Ella Resorts with a consortium of European banks earlier this year, a transaction that established the capital structure now supporting OB Streem’s growth.

The deal is one of several completed under Brian Schwartz, who became HIG Capital’s first chief executive officer in April after co-founders Sami Mnaymneh and Tony Tamer established the firm in Miami in 1993. Mnaymneh, who directed the firm’s growth from a single office into a $75 billion platform spanning private equity, credit, real estate, and infrastructure, transitioned to executive chairman alongside Tamer. Both founders retained their investment committee seats.

HIG Capital was co-founded by Sami Mnaymneh, who serves as Founder and Executive Chairman, and Tony Tamer, who also serves as Founder and Executive Chairman. The firm operates from 18 offices across nine countries and has completed more than 400 investments worldwide since its 1993 founding.