The Real Reason One Frio Stays Out of Certain Markets and Enters Others

Why did we choose to focus on protein and produce?

Protein and produce sit at the centre of modern food systems. They are not isolated categories but ecosystems linking producers, processors, distributors, and retailers across regions and borders. From a cold-storage perspective, these ecosystems demand constant flow, tight temperature control, and operational precision. Facilities serving meat and fresh produce cannot rely on passive ownership or deferred investment; performance is exposed quickly and continuously.

The demand fundamentals reinforce this focus. Protein consumption remains structurally resilient, with growth concentrated in segments such as poultry, seafood, and processed meats, particularly in fast-urbanising regions. Fresh produce continues to expand on the back of health and wellness trends, rising demand for organic and natural foods, and greater emphasis on convenience and e-commerce. These supply chains are inherently global and operationally complex. They often span multiple climates, regulatory regimes, and transport modes, thus placing cold storage at the centre of system stability rather than at the periphery.

This focus also reflects how One Frio evaluates operational fit. In the words of One Frio co-founder Dami Agbaje “we draw on many years of cold-storage experience and involvement in large transactions to assess whether a facility can be operated and upgraded to a consistent standard. Our stated objective has not been to acquire assets opportunistically, but to pursue disciplined execution. These businesses are deeply embedded in local and regional supply chains, and their ongoing success depends on stability, continued investment, and operational competence rather than short-term optimisation.”

Why are we intentionally avoiding other markets?

The European cold-storage market has many appealing options, and many platforms would pursue new assets based simply on whether or not they can acquire them. All in the name of growth.

One Frio’s view is more restrained.

Markets are screened not only for growth potential, but for alignment with a defined operating model. That model assumes proximity, control, and repeatability. “We think it’s really important to be within an hour to ninety minutes from our sites.” Dami shares. This approach immediately disqualifies large parts of Europe, regardless of deal availability. A country may have strong demand fundamentals, but lack the professional management base required to run modern cold-storage facilities. Another might have appealing assets, but it could also bring regulatory or labour issues that complicate standardisation.

The founders are explicit about this trade-off. A pan-European footprint “can mean a lot of different things,” Dami observes, noting that predecessors often pursued a scattershot expansion strategy. One alternative for OneFrio is to strengthen its presence in core markets first. It will only think about expansion later if the new market meets key principles: strong food production, growing populations, urban demand centres, and capable operational leadership.

This discipline explains why One Frio has passed on deals that, on paper, appeared compelling.

Risks that disqualify attractive-looking deals

Cold storage is capital-intensive and intensely regulated. Several factors routinely disqualify deals:

Regional fragmentation. Even in countries famous for certain foods, local differences in work practices, rules, and customer habits can reduce scale benefits. For example, one prospective acquisition in a major European cheese market ultimately failed this test. Despite the category fit, its regional complexity and limited scale conflicted with One Frio’s integration model.

Sub-scale assets. Size matters not for prestige, but for investability. Facilities that can't take on significant upgrades or expansions find it hard to justify the resources needed after acquisition.

Deferred maintenance masked as stability. Many assets appear cash-generative because capital expenditure has been postponed. One Frio takes a different view. They believe that significant funds will be spent right away to improve refrigeration systems, racking, roofs, and, most importantly, to increase capacity. If a site cannot support this transformation, it is unlikely to proceed.

Talent risk. Cold storage is an operational business. Without a deep local bench of technical and managerial talent, even well-located assets can underperform. This is one reason One Frio avoids markets where leadership must be imported rather than developed.

Each potential acquisition is subjected to what the founders describe as a “rigorous checklist.” If all boxes are not ticked, the deal does not proceed regardless of how attractive it may appear externally.

How does One Frio aim to protect investor capital?

Selectivity is not only a strategic choice; it is a risk-management mechanism.

From diligence through integration, One Frio underwrites its investments with an assumption of active ownership. Financial diligence typically spans three to four years of audited performance. Technical diligence includes thorough checks of refrigeration systems, structural integrity, and energy efficiency. Legal and contractual work is handled with equal rigour, involving specialist counsel across jurisdictions. “The objective is not to eliminate risk but to ensure that risks are known, priced, and addressable”, shares Dami.

Post-acquisition, capital deployment is front-loaded. Facilities are not expected to “run as is.” They are brought up to a defined specification, with upgrades that extend asset life, improve energy performance, and support ESG objectives.

This approach reflects a belief that if a deal meets all criteria and still underperforms, the cause is likely to be something completely out of anyone’s control rather than a failure of preparation. 

It also explains why One Frio’s investors have supported its narrow focus. According to the founders, alignment on discipline was established from day one. Growth is pursued, but not at the expense of coherence.

Why saying no is part of our strategy

In acquisition-driven sectors, restraint is often misinterpreted as caution. In reality, it can be a competitive advantage.

By saying no to misaligned markets and assets, One Frio preserves management attention, capital capacity, and cultural consistency. Platform teams remain close to operations. Integration playbooks remain relevant. Sellers encounter buyers who understand their businesses rather than imposing generic templates.

For family-owned operators considering succession, this selectivity is a signal. It suggests that an approach from One Frio is unlikely to be opportunistic. It also implies that post-transaction change will be purposeful rather than disruptive.

For investors, the signal is different but complementary: growth is intentional, not reactive. The platform is built to handle regulatory changes, energy shifts, and changing food supply dynamics, not just to gather assets.

As European cold storage continues to consolidate, these distinctions are likely to matter more, not less. Scale will still matter, but coherence in markets, categories, and operations will decide which platforms create lasting value.

One Frio’s decision to stay out of certain markets is therefore not a constraint. It is an articulation of strategy.

For those seeking to understand where the platform is headed, that discipline offers a clearer guide than any expansion map.