Cold storage real estate investment trust Lineage Logistics, which is backed by private equity firm Bay Grove, announced Wednesday the acquisition of supply chain software provider Turvo. The deal will allow Turvo to accelerate its tech offering and to expand into new markets.
The transaction is an extension of a previous investment made by Lineage Ventures in the San Francisco area-based visibility provider. In January 2021, Lineage announced it would deploy Turvo’s technology throughout 200 facilities, with the eventual integration occurring at the more than 400 locations it operates.
Turvo will continue to operate separately under its logo, with its management team and board of directors remaining in place.
Financial terms of the deal were not disclosed.
“Lineage’s acquisition of Turvo was a natural extension of our partnership, through which we successfully launched Lineage Link last year,” said Adam Forste, co-executive chairman at Lineage and co-founder of Bay Grove. Bay Grove founded Lineage and provides financial backing to the company.
“We wholeheartedly believe in Turvo’s mission to increase visibility and synergies within the supply chain, and we see this as an opportunity for additional value creation for both Lineage and Turvo customers,” Forste continued.
Turvo’s software provides real-time collaboration and visibility across the supply chain. The network connects logistics providers, shippers and carriers, providing a single overview of supply chain functions like ordering, inventory management and warehouse appointment scheduling.
“Today is an exciting time for Turvo’s employees, customers and partners,” said Scott Lang, chairman and CEO at Turvo. “With backing from Lineage and Bay Grove, Turvo will accelerate innovation with much greater reach and scale than ever before, further advancing supply chain digitization globally.”
Novi, Michigan-based Lineage is the largest temperature-controlled real estate investment trust in the world, operating a network of more than 2 billion cubic feet of space across 20 countries in North America, Europe and the Asia-Pacific.
Sudarsan Thattai, Lineage’s CIO and chief transformation officer, said, “Driver shortages and port congestion, for instance, are addressable by decreasing the number of trucks or containers required to deliver a product from farm to fork. Turvo’s platform matches customers to truck, rail or container assets that would otherwise be underutilized.”
“Through this investment we will accelerate industry-leading technology that leverages supply chain synergies at scale, addressing issues of density and utilization across the network and decreasing complexity and waste in the supply chain for all participants, from customers to shippers to carriers,” stated Greg Lehmkuhl, president and CEO at Lineage.
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