Temperature-controlled storage provider Lineage Logistics announced Thursday the acquisition of MTC Logistics. The deal expands Lineage’s coverage at ports on the East and Gulf coasts.
Baltimore-based MTC operates four cold storage facilities with 38 million cubic feet of space and more than 113,000 pallet positions near the ports of Baltimore, Philadelphia, Wilmington, Delaware, and Mobile, Alabama. MTC provides warehousing, blast freezing and import-export services in addition to its transportation and drayage offering.
Financial terms of the deal were not disclosed.
Lineage is the world’s largest temperature-controlled real estate investment trust. The Novi, Michigan-based company operates more than 400 facilities and 2 billion cubic feet of space throughout 19 countries.
“MTC Logistics’ strong presence at key ports along the U.S. East and Gulf coasts and focus on best-in-class service and innovation will help better connect our customers to the global food supply chain,” said Greg Lehmkuhl, president and CEO of Lineage.
G2 Capital Advisors served as the financial adviser to MTC.
Private equity firm Bay Grove founded and manages Lineage.
Earlier this year, Lineage secured an additional $1.7 billion from investors to execute its cold storage rollup strategy. The REIT has raised $6 billion in equity over the last two years to fund M&A, tech initiatives and new facility developments.
“Our customers and associates will benefit from Lineage’s scale and industry-leading technology, and we are fortunate to find a strong partner who shares our values and customer-centric approach,” stated Harry Halpert, chairman of MTC and CEO of Hoffberger Holdings, a privately held investment company.
Click for more FreightWaves articles by Todd Maiden.
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