Lineage, the Industry’s Fastest-Growing Temperature-Controlled Supply Chain Company, to Use Capital to Further Expand Its Network and Services
Novi, MI - Lineage Logistics, LLC (“Lineage”), the world’s most innovative and trusted provider of temperature-controlled supply chain solutions, today announced the $700 million acquisition of a significant minority ownership interest in the company. The organizations investing in Lineage include funds managed by Stonepeak Partners LP (“Stonepeak”), an infrastructure-focused private equity firm; D1 Capital Partners, an investment fund founded by former Viking Global Investors CIO Daniel Sundheim; and current Lineage investors. Lineage is controlled and operated by Bay Grove Capital (“Bay Grove”), a San Francisco-based owner-operator dedicated to partnering with strong management teams to build exceptional businesses.
Related to these investments, Stonepeak’s Senior Managing Director Luke Taylor and Principal James Wyper will join Lineage’s Board of Directors.
“From the beginning, Lineage has been focused on reimagining the world’s food supply chain by bringing best-in-class technologies to a vital food infrastructure,” said Greg Lehmkuhl, President and CEO of Lineage. “These investors are sophisticated capital partners that share our positive long-term view of the industry and Lineage, and this investment will provide us with even more opportunities to accelerate our future innovation and growth.”
“We see significant long-term value potential in this industry and specifically at Lineage,” said Luke Taylor. “Stonepeak has been following the cold storage industry very closely for many years, and we’ve admired the tremendous success Lineage and Bay Grove have had in such a short period of time, growing from a single warehouse in 2008 to more than 100 locations across the world. We are excited to be actively partnering with Lineage and Bay Grove on the next phase of their growth and capital deployment into new facilities.”
“We are proud to have worked together with the Lineage management team to build the fastest-growing temperature-controlled supply chain company and the industry’s foremost innovator,” said Kevin Marchetti, Managing Partner at Bay Grove. “The impact Lineage has already made is remarkable, and we are excited by the future opportunities to expand and continue to advance the industry.”