An activist investor is pushing Americold Realty Belief to take away Mark Patterson because the chairman of the agency’s board of administrators, citing his tenure on the board of scandal-ridden workplace landlord Paramount Group.
Sieve Capital has launched a marketing campaign specializing in Patterson and his unnamed boardroom allies for pursuing short-sighted offers and bringing poor governance practices to Americold, a cold-storage REIT. Sieve needs Americold to take away Patterson as chairman or decline to appoint him on the agency’s upcoming annual shareholders assembly
“If shareholders take the time to overview publicly accessible info pertaining to Mr. Patterson’s historical past as a fiduciary, we consider they are going to conclude there isn’t a foundation or justification for him remaining concerned with Americold,” Sieve Capital stated in a press launch.
Sieve Capital is asking Americold to overview all strategic options, together with a sale of the corporate or the agency’s worldwide operations.
In a launch saying its push to take away Patterson, Sieve Capital referenced The Actual Deal’s reporting about Patterson’s enterprise dealings with Paramount Group CEO Albert Behler. TRD discovered that Behler agreed to supply no less than two loans to Boomerang Programs, a robotic storage firm led by Patterson, in late 2014 as the corporate headed to chapter.
In 2018, Patterson joined Paramount’s board. At one level, he chaired Paramount’s nominating and company governance committee.
“It’s not a very good look, whether or not actually he’s compromised or not; the optics are unhealthy,” stated Charles Elson, the founding director of the John L. Weinberg Heart for Company Governance on the College of Delaware, on the time.
Sieve Capital pointed to an occasion at Paramount, the place Patterson was voted out by a majority of shareholders in 2021 just for Paramount to overrule the shareholders, as one other instance of poor company governance. Paramount was bought to Rithm Capital in December 2025.
Patterson additionally serves as a director at Digital Realty Trust.
Americold owns over 230 amenities and is the world’s second-largest proprietor and operator of cold-storage warehouses. Americold acquired provides for its worldwide enterprise final yr from Constellation Chilly and CubeCold, Semafor reported. The worldwide enterprise was valued at about $1.5 billion.
The agency has struggled with its high-debt load. Americold reported a internet lack of $88.3 million in its fourth quarter 2025 earnings. And its inventory has fallen greater than 70 % since April 2021 to $11.23.
Final yr, activist investor Ancora Group Holdings pushed Americold to overview strategic options, together with a attainable sale, Bisnow reported. Sieve Capital stated the corporate ought to pivot away from exploring three way partnership offers which drain money move, and as an alternative take a look at all choices.
“We don’t perceive how a majority of the Board might oppose publicly saying a complete overview of all strategic options, ” Sieve Capital stated in its launch.
Americold declined to remark. Patterson didn’t return a request for remark.
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