• ITVI.USA
    13,795.070
    81.410
    0.6%
  • OTRI.USA
    26.560
    -0.120
    -0.4%
  • OTVI.USA
    13,740.380
    64.000
    0.5%
  • TLT.USA
    2.720
    -0.060
    -2.2%
  • TSTOPVRPM.ATLPHL
    2.670
    0.130
    5.1%
  • TSTOPVRPM.CHIATL
    2.930
    0.280
    10.6%
  • TSTOPVRPM.DALLAX
    1.320
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    -1.5%
  • TSTOPVRPM.LAXDAL
    3.040
    0.050
    1.7%
  • TSTOPVRPM.PHLCHI
    1.740
    0.050
    3%
  • TSTOPVRPM.LAXSEA
    3.210
    0.000
    0%
  • WAIT.USA
    108.000
    5.000
    4.9%
  • ITVI.USA
    13,795.070
    81.410
    0.6%
  • OTRI.USA
    26.560
    -0.120
    -0.4%
  • OTVI.USA
    13,740.380
    64.000
    0.5%
  • TLT.USA
    2.720
    -0.060
    -2.2%
  • TSTOPVRPM.ATLPHL
    2.670
    0.130
    5.1%
  • TSTOPVRPM.CHIATL
    2.930
    0.280
    10.6%
  • TSTOPVRPM.DALLAX
    1.320
    -0.020
    -1.5%
  • TSTOPVRPM.LAXDAL
    3.040
    0.050
    1.7%
  • TSTOPVRPM.PHLCHI
    1.740
    0.050
    3%
  • TSTOPVRPM.LAXSEA
    3.210
    0.000
    0%
  • WAIT.USA
    108.000
    5.000
    4.9%
Company earningsFinanceNewsWarehouse

Lineage Logistics expands network with multiple cold storage deals

Lineage adds 24 locations in 18 months; announcement follows spate of large transactions

The world’s largest temperature-controlled logistics provider, Lineage Logistics, announced it has completed 10 acquisitions across the U.S. in the past 18 months.

The Novi, Michigan-based company said in a Tuesday press release the deals include 24 locations with 5.5 million square feet (153 million cubic feet) of space in large population zones and food production centers throughout the U.S. The release said all of the deals have either been integrated or will be by year-end.

“While we have recently completed a number of international acquisitions, we remain focused on strengthening our U.S. footprint and offering our customers additional capacity and services in key markets,” said President and CEO Greg Lehmkuhl.

The deals include the acquisitions of Southern Cold Storage and its two locations in Gadsden, Alabama, and Baton Rouge, Louisiana; Allied Frozen Storage and its eight facilities in upstate New York; Professional Freezing Services and its two locations outside Chicago; Iowa Cold Storage with one facility near Des Moines; and Western Distribution Services with two facilities in Washington.

The company also acquired two facilities from Ryder Logistics (Ryder System, NYSE: R), in Rochelle, Illinois, and Milwaukee, and two from NORPAC in Oregon. Three net leased facilities from Investcorp were added in Chicagoland. Lineage picked up a net leased location in Salt Lake City and a facility in the Port of Seattle from undisclosed sellers.

Lineage cited increased demand for cold storage — due to a growing population, changes in food preferences and an increasing reliance on third-party logistics providers — as reasons for expanding its network of facilities.

“Each of these acquisitions amplifies our existing facility network and the incredible value we are able to provide our customers. We’re also thrilled to welcome many high-caliber teams from across the country to our growing and dynamic family,” concluded Lehmkuhl.

In the release, the company also announced it completed the purchase of Ontario Refrigerated Services, providing it an entrance into the Canadian market.

Lineage has inked several large deals recently. The company closed on a reported $900 million deal for Emergent Cold in June. In May, Lineage announced the acquisition of Henningsen Cold Storage in a 14-facility deal and stepped in to buy a significant portion of assets from failing food service distributor Maines Paper and Food Service.

Lineage’s network includes more than 300 facilities and 2 billion cubic feet of cold storage in countries throughout North America, South America, Europe, Asia, Australia and New Zealand.

Lineage is backed by private equity firm Bay Grove Capital.

Click for more FreightWaves articles by Todd Maiden.

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Todd Maiden

Based in Richmond, VA, Todd is the finance editor at FreightWaves. Prior to joining FreightWaves, he covered the TLs, LTLs, railroads and brokers for RBC Capital Markets and BB&T Capital Markets. Todd began his career in banking and finance before moving over to transportation equity research where he provided stock recommendations for publicly traded transportation companies.
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