Lineage Owners Honored by Goldman Sachs for Entrepreneurship

Kevin Marchetti and Adam Forste of Bay Grove Capital Named Among 100 Most Intriguing Entrepreneurs of 2019 at Goldman Sachs’ Annual Builders + Innovators Summit

 

San Francisco, CA – Bay Grove Capital (“Bay Grove”), a San Francisco-based owner-operator dedicated to partnering with strong management teams to build exceptional businesses, today announced that its co-founders and co-managing partners, Kevin Marchetti and Adam Forste, were selected by Goldman Sachs (NYSE:GS) as among the 100 Most Intriguing Entrepreneurs of 2019 at the Goldman Sachs Builders + Innovators Summit in Santa Barbara, California.

Mr. Marchetti and Mr. Forste were recognized by Goldman Sachs at the three-day event alongside fellow entrepreneurs from across multiple industries.

Bay Grove controls and operates Lineage Logistics, LLC (“Lineage”), the world’s largest and most innovative provider of temperature-controlled logistics solutions. Starting with just one warehouse in 2008, Bay Grove quickly scaled Lineage through nearly 40 acquisitions to create the industry’s highest-quality and best-positioned network of temperature-controlled real estate, with over 1.4 billion cubic feet of temperature-controlled capacity and 40 million square feet of real estate over 200+ facilities across North America, Europe and Asia.

“We started Bay Grove in 2007 with a simple vision – to create a true owner-operator model, building platform companies one at a time when investment lifespans were measured in decades, not years.” said Kevin Marchetti, Co-Founder and Co-Managing Partner of Bay Grove. “At Bay Grove, we devote all of our time to the growth and success of the Lineage platform, using our industry knowledge and experience to create an industry leader that is reimagining the food supply chain to eliminate food waste and help feed the world by ensuring that food travels from farm to fork safely.”

Lineage deploys technology and applied sciences to accelerate value and efficiency in the temperature-controlled supply chain by solving the complexities of storing, moving and preserving food safely and efficiently around the globe. Lineage boasts 17 facilities with automation, including the two largest automated temperature-controlled facilities in the world.  

“It is a great honor to be recognized as leading entrepreneurs by Goldman Sachs, but we couldn’t have done it alone; we are extremely fortunate to have Lineage’s talented management team as our partners, and we look forward to continuing the rapid growth and innovation we’ve achieved together,” added Adam Forste, Co-Founder and Co-Managing Partner of Bay Grove. “Every day we come to work looking forward to finding exceptional team members to help us achieve our goals and the next great cold storage company -- in the U.S. or overseas -- to bring into the Lineage family.”

"True innovation is built from a diversity of perspectives and experiences", said David M. Solomon, Chief Executive Officer of Goldman Sachs. "Our Builders + Innovators Summit brings together a collective of impressive future leaders who are striving to drive meaningful change. For 150 years, Goldman Sachs has supported entrepreneurs as they launch and grow their businesses. That’s why we are pleased to recognize Bay Grove’s Kevin Marchetti and Adam Forste as two of the most intriguing entrepreneurs of 2019."

--

About Kevin Marchetti

Mr. Marchetti is a co-Founder and Managing Partner of Bay Grove where he is active in all day-to-day activities of the firm and responsible for investment decisions. He is Co-Executive Chairman of the board of Lineage Logistics Holdings, LLC, the largest temperature-controlled warehousing and logistics company globally. Prior to co-founding Bay Grove, Mr. Marchetti was an investor with Ron Burkle and The Yucaipa Companies where he helped invest the Yucaipa Funds and eventually oversaw Mr. Burkle’s personal investment portfolio and sat on the board of the Pittsburgh Penguins. Mr. Marchetti started his career with Morgan Stanley in its investment banking group.  He graduated cum laude from Duke University with a major in Economics and a minor in History. Mr. Marchetti is on the board of Nevada Dental Benefits, the San Francisco Zoological Society and Fisher Center’s Real Estate Policy Advisory Board at UC Berkeley.

About Adam Forste

Mr. Forste is a co-Founder and Managing Partner of Bay Grove where he is active in all day-to-day activities of the firm and responsible for investment decisions. He is Co-Executive Chairman of the board of Lineage Logistics Holdings, LLC, the largest temperature-controlled warehousing and logistics company globally and is on the board of the World Food Logistics Organization (WFLO). He is also a board member of ndustrial.io, a SAAS-based energy management company. Prior to Bay Grove, Mr. Forste worked at Kohlberg Kravis Roberts & Co. (“KKR”), one of the world’s oldest and most experienced global private equity firms. While at KKR, Mr. Forste executed power-related transactions valued over $7.7 billion and evaluated deals in the energy, retail, and consumer industries. Mr. Forste started his career with Morgan Stanley in its investment banking groups, both in New York and San Francisco, where he focused on M&A and covering financial sponsors. Mr. Forste is a Fulbright Fellow and a graduate of Dartmouth College.

About Bay Grove

Bay Grove is a principal investment firm dedicated to partnering with strong management teams to invest in and build long-term platform investments. Since 2008, Bay Grove has built Lineage Logistics through acquisitions and investments completed in partnership with entrepreneurs, customers and employees. The firm has deep experience in the warehousing and logistics industry and also seeks to make investments in other attractive sectors. Bay Grove is based in San Francisco. (www.bay-grove.com)

About Lineage Logistics

Lineage is the industry’s leading innovator in temperature-controlled supply chain and logistics. Lineage’s expertise in end-to-end logistical solutions, its unrivaled real estate network, and its use of technology combine to promote food safety, increase distribution efficiency, advance sustainability, lessen environmental impact, and minimize supply chain waste. As a result, Lineage helps customers ranging from Fortune 500 companies to small family-owned businesses increase the efficiency and protect the integrity of their temperature-controlled supply chain.  In recognition of the company’s leading innovations, Lineage was recognized as the No 1. Data Science company on Fast Company’s Annual list of The World’s Most Innovative Companies in 2019, in addition to ranking 23rd overall in an evaluation of thousands of companies worldwide. (www.lineagelogistics.com)

Media Contacts:

BAY GROVE

Lizzy Shay Kaler

415.299.6584

lizzy@bay-grove.com

LINEAGE LOGISTICS

Megan Hendricksen                                                                                        

949.247.5172                                                                                                   

mhendricksen@lineagelogistics.com

Lineage Announces Acquisition of Emergent Cold, Expands U.S. Port Network and Strategic Presence in Asia-Pacific Market

Acquisition expands Lineage Logistics’ strategic presence into key new markets within the Asia-Pacific region; transaction furthers Lineage’s international leadership position, adding 46 facilities in the United States, Australia, New Zealand, Vietnam and Sri Lanka

 

Novi, MI – Lineage Logistics Holdings, LLC (“Lineage” or the “Company”), the world’s largest and most innovative provider of temperature-controlled logistics solutions, today announced it has signed definitive agreements to acquire Emergent Cold (“Emergent”). This acquisition strengthens the Company’s leading port presence in the United States and signifies its entry into the Australian, New Zealand, and Sri Lankan temperature-controlled logistics markets, building on Lineage’s existing presence in the Asia-Pacific region. Financial terms of the transactions were not disclosed.

“Food producers, manufacturers and retailers are looking for cold chain partners who can offer a dynamic and truly end-to-end temperature-controlled logistics solution, and one that can reach every corner of the world,” said Greg Lehmkuhl, President and Chief Executive Officer of Lineage. “Welcoming Emergent to the Lineage family not only adds significant capacity to our international footprint, but also deepens our commitment to our port strategy and international trade. We are better able to help customers respond to constantly shifting market dynamics, such as global network optimization, tariff impacts, consumer preference shifts, and much more, while at the same time unlocking new potential market opportunities to sell their goods.”

Following closing of the transactions, the combined Company will feature over 1.7 billion cubic feet of temperature-controlled capacity across 260 facilities in 10 countries, with a global footprint that now spans North America, Europe, Asia, Australia and New Zealand. With the acquisition, Lineage adds a newly constructed distribution center in the Dallas-Fort Worth market as well as four U.S. port facilities in New Orleans, Houston and Charleston to its expansive network of locations supporting import, export and customs brokerage services for its customers. The transaction also includes the purchase of real estate at select facility sites currently leased by Emergent under long-term lease agreements.

Emergent, which was founded in 2017 by Elliott Management and Neal Rider, brings to Lineage an experienced management team with a proven track record of growth and longstanding relationships with customers in global markets.

“Joining Lineage accelerates our goal of providing the highest quality global cold chain solutions to our customers,” said Neal Rider, Emergent’s founder and Chief Executive Officer.  “Lineage has established itself as a leader in our industry, and expanding its global footprint and port presence with the addition of Emergent will create incredible opportunities for our collective customers. I also want to thank Elliott Management for believing in and backing us when Emergent Cold was just an idea, and our Executive Chairman Chris Jamroz for his tireless leadership and support. Their partnership, support and expertise has been critical in driving Emergent’s success, and we are looking forward to the next chapter with Bay Grove and Lineage.”

“We partnered with Neal because we saw a compelling opportunity to support his vision for building a globally significant cold storage company,” said Cody Kittle, Associate Portfolio Manager at Elliott Management. “In less than two years, we were able to acquire seven high-performing businesses and launch two greenfield facilities across six countries and four continents, while driving significant top and bottom line improvement across our operations. We congratulate Neal, the Emergent team and Lineage, who we think is a well-suited partner for Emergent. We are looking forward to remaining equity holders in the combined entity.”

“As an innovative leader in global cold storage, we look forward to making Emergent part of the Lineage team,” said Chris Jamroz, Emergent’s Executive Chairman.

“We have been following Emergent’s impressive growth trajectory and have a long-standing respect for their management team. We’re excited to bring their capabilities, relationships and growth pipeline into our organization,” said Kevin Marchetti, Co-Founder and Managing Partner of Bay Grove, the principal investment firm backing Lineage. “Together, our teams are committed to strengthening our important relationships with customers by leveraging our expansive network and applying innovative solutions to their most pressing challenges.”

The transactions also position Lineage to take advantage of growing demand for cold storage space in Australia – a sector valued at $5 billion – and in neighboring New Zealand, Vietnam and Sri Lanka. The sector is rapidly evolving and is an integral part of Asia-Pacific’s domestic and international supply chains for food products including dairy, seafood, raw and cooked meat, poultry, frozen vegetables and other frozen or chilled foods. Once the deal closes, Lineage will be poised to help customers meet growing export demand and their need for a more expansive supply chain.

Since its founding in 2008, Lineage has expanded rapidly by acquiring best-in-class cold storage companies, deploying capital into new projects and growing the business organically. The Company’s acquisition of Emergent builds on its past successes in integrating complementary companies into its portfolio.

Latham & Watkins LLP served as legal advisor to Bay Grove and Lineage in this transaction. Debevoise & Plimpton LLP served as legal advisor to Emergent.

The transactions are expected to close in 2020, subject to customary closing conditions and regulatory approvals.

Lineage Owners Honored by Goldman Sachs for Entrepreneurship

Kevin Marchetti and Adam Forste of Bay Grove Capital Named Among 100 Most Intriguing Entrepreneurs of 2019 at Goldman Sachs’ Annual Builders + Innovators Summit

 

San Francisco, CA – Bay Grove Capital (“Bay Grove”), a San Francisco-based owner-operator dedicated to partnering with strong management teams to build exceptional businesses, today announced that its co-founders and co-managing partners, Kevin Marchetti and Adam Forste, were selected by Goldman Sachs (NYSE:GS) as among the 100 Most Intriguing Entrepreneurs of 2019 at the Goldman Sachs Builders + Innovators Summit in Santa Barbara, California.

Mr. Marchetti and Mr. Forste were recognized by Goldman Sachs at the three-day event alongside fellow entrepreneurs from across multiple industries.

Bay Grove controls and operates Lineage Logistics, LLC (“Lineage”), the world’s largest and most innovative provider of temperature-controlled logistics solutions. Starting with just one warehouse in 2008, Bay Grove quickly scaled Lineage through nearly 40 acquisitions to create the industry’s highest-quality and best-positioned network of temperature-controlled real estate, with over 1.4 billion cubic feet of temperature-controlled capacity and 40 million square feet of real estate over 200+ facilities across North America, Europe and Asia.

“We started Bay Grove in 2007 with a simple vision – to create a true owner-operator model, building platform companies one at a time when investment lifespans were measured in decades, not years.” said Kevin Marchetti, Co-Founder and Co-Managing Partner of Bay Grove. “At Bay Grove, we devote all of our time to the growth and success of the Lineage platform, using our industry knowledge and experience to create an industry leader that is reimagining the food supply chain to eliminate food waste and help feed the world by ensuring that food travels from farm to fork safely.”

Lineage deploys technology and applied sciences to accelerate value and efficiency in the temperature-controlled supply chain by solving the complexities of storing, moving and preserving food safely and efficiently around the globe. Lineage boasts 17 facilities with automation, including the two largest automated temperature-controlled facilities in the world.  

“It is a great honor to be recognized as leading entrepreneurs by Goldman Sachs, but we couldn’t have done it alone; we are extremely fortunate to have Lineage’s talented management team as our partners, and we look forward to continuing the rapid growth and innovation we’ve achieved together,” added Adam Forste, Co-Founder and Co-Managing Partner of Bay Grove. “Every day we come to work looking forward to finding exceptional team members to help us achieve our goals and the next great cold storage company -- in the U.S. or overseas -- to bring into the Lineage family.”

"True innovation is built from a diversity of perspectives and experiences", said David M. Solomon, Chief Executive Officer of Goldman Sachs. "Our Builders + Innovators Summit brings together a collective of impressive future leaders who are striving to drive meaningful change. For 150 years, Goldman Sachs has supported entrepreneurs as they launch and grow their businesses. That’s why we are pleased to recognize Bay Grove’s Kevin Marchetti and Adam Forste as two of the most intriguing entrepreneurs of 2019."

--

About Kevin Marchetti

Mr. Marchetti is a co-Founder and Managing Partner of Bay Grove where he is active in all day-to-day activities of the firm and responsible for investment decisions. He is Co-Executive Chairman of the board of Lineage Logistics Holdings, LLC, the largest temperature-controlled warehousing and logistics company globally. Prior to co-founding Bay Grove, Mr. Marchetti was an investor with Ron Burkle and The Yucaipa Companies where he helped invest the Yucaipa Funds and eventually oversaw Mr. Burkle’s personal investment portfolio and sat on the board of the Pittsburgh Penguins. Mr. Marchetti started his career with Morgan Stanley in its investment banking group.  He graduated cum laude from Duke University with a major in Economics and a minor in History. Mr. Marchetti is on the board of Nevada Dental Benefits, the San Francisco Zoological Society and Fisher Center’s Real Estate Policy Advisory Board at UC Berkeley.

About Adam Forste

Mr. Forste is a co-Founder and Managing Partner of Bay Grove where he is active in all day-to-day activities of the firm and responsible for investment decisions. He is Co-Executive Chairman of the board of Lineage Logistics Holdings, LLC, the largest temperature-controlled warehousing and logistics company globally and is on the board of the World Food Logistics Organization (WFLO). He is also a board member of ndustrial.io, a SAAS-based energy management company. Prior to Bay Grove, Mr. Forste worked at Kohlberg Kravis Roberts & Co. (“KKR”), one of the world’s oldest and most experienced global private equity firms. While at KKR, Mr. Forste executed power-related transactions valued over $7.7 billion and evaluated deals in the energy, retail, and consumer industries. Mr. Forste started his career with Morgan Stanley in its investment banking groups, both in New York and San Francisco, where he focused on M&A and covering financial sponsors. Mr. Forste is a Fulbright Fellow and a graduate of Dartmouth College.

About Bay Grove

Bay Grove is a principal investment firm dedicated to partnering with strong management teams to invest in and build long-term platform investments. Since 2008, Bay Grove has built Lineage Logistics through acquisitions and investments completed in partnership with entrepreneurs, customers and employees. The firm has deep experience in the warehousing and logistics industry and also seeks to make investments in other attractive sectors. Bay Grove is based in San Francisco. (www.bay-grove.com)

Lineage Logistics Further Expands Global Presence with Strategic Acquisition in Europe

Acquisition of two Van Soest Coldstores facilities in the Netherlands and Belgium adds to Lineage’s rapidly expanding European footprint

Novi, MI – Lineage Logistics, LLC, the world’s largest and most innovative provider of temperature-controlled logistics solutions, today announced as part of its global expansion efforts that it has acquired two facilities from Van Soest Coldstores (“Van Soest”), a Netherlands-based organization specializing in the storage and transfer of cooled and deep-frozen food products. Financial terms of the transaction were not disclosed. 

Under the terms of the agreement, Lineage acquired Van Soest’s facilities in Venlo, Netherlands, and Rijkevorsel, Belgium, to complement the Company’s existing presence in both countries.  Van Soest’s facility in Gamaren, Netherlands, a joint-venture and newly formed business, was not part of the transaction.  

“Part of our strategy is to grow the Lineage facility network in strategic locations to provide our customers with best-in-class solutions that meet all of their cold storage and logistics needs. Bringing Van Soest Coldstores into the Lineage family helps us do just that,” said Greg Lehmkuhl, President and Chief Executive Officer of Lineage Logistics.   

“We have found a strong European partner in Van Soest Coldstores, whose management shares our values and our drive to lead the cold storage industry. Anton Mauritz and his team have built an impressive business through their commitment to customer service, and we are excited to uphold their stellar reputation by supporting their expansion of the Rijkevorsel facility this fall,” said Mike McClendon, President, Lineage Europe and EVP, Network Optimization & Integration of Lineage Logistics.

The acquisition will add more than 10MM cubic feet and more than 300,000 square feet of storage capacity to Lineage’s portfolio after current expansions are completed, bringing Lineage’s total European cold storage capacity to nearly 200MM cubic feet across 23 facilities in England, Scotland, Belgium and the Netherlands. 

“Over our 35-year history, Van Soest has become a trusted partner to many of Europe’s leading food manufacturers. We decided to join the Lineage family because of the Company’s impressive track record of building lasting relationships based on mutual respect with family businesses like Van Soest. I am proud to be a part of the Lineage network and look forward to helping the Company continue to grow as a strategic advisor,” said Anton Mauritz, Managing Director, Van Soest Coldstores.

Since the Company’s founding in 2008, Lineage has achieved sustained growth organically, through new construction and with acquisitions in the US and across the globe. This transaction builds on Lineage’s multiple successful acquisitions in Europe, including Yearsley Group, the leading temperature-controlled logistics service provider and frozen food distributor in the UK, and Partner Logistics, a leading automated cold storage provider in Europe. Most recently, Lineage completed the acquisition of US-based Preferred Freezer Services, which enhanced the Company’s presence in the U.S. and provided a new market entrance for the Company in Asia. Lineage globally now has over 1.4 billion cubic feet and nearly 40 million square feet of capacity across more than 200 facilities spanning North America, Europe and Asia to support customer supply chain needs worldwide.

Lineage Logistics Closes Acquisition of Preferred Freezer Services

Novi, MI – Lineage Logistics, LLC (“Lineage” or the “Company”), the world’s most innovative and trusted provider of temperature-controlled logistics solutions, today announced it has closed the acquisition of Preferred Freezer Services, LLC (“Preferred”).  

The acquisition was first announced on February 25, 2019.

The combined company now features the largest temperature-controlled facility network globally with over 1.3 billion cubic feet and 37 million square feet of capacity across more than 200 facilities spanning North America, Europe and Asia to support customer supply chain needs worldwide. Lineage continues its leadership in automated warehousing with the acquisition of Preferred, now totaling over 800,000 automated pallet positions across 17 facilities, including the two largest automated temperature-controlled facilities in the world.

“With the integration of Preferred’s exceptional team and its network of state-of-the-art facilities, Lineage is the clear go-to logistics partner for both large and small food producers and retailers worldwide,” said Greg Lehmkuhl, President and Chief Executive Officer of Lineage. “Together, we look forward to delivering operational excellence and innovative, high-impact supply chain solutions for customers on a global scale.”

“Since founding Lineage in 2008, we have been focused on strategically growing the business to meet expanding customer needs,” added Kevin Marchetti, Co-Founder and Managing Partner of Bay Grove, LLC (“Bay Grove”), the principal investment firm backing Lineage. “The close of this transaction unlocks an entirely new set of opportunities as we look to build upon our industry-leading position with additional capital deployment in technological advancements and new projects.”

Lineage Logistics Announces Acquisition of Preferred Freezer Services

Novi, MI – Lineage Logistics (“Lineage” or the “Company”), the world’s most innovative and trusted provider of temperature-controlled logistics solutions, today announced it has signed a definitive agreement to acquire Preferred Freezer Services (“Preferred”), a global network of state-of-the-art, temperature-controlled warehouses. This transaction marks a significant milestone for the temperature-controlled logistics industry. Customers will now be able to benefit from the complementary capabilities of two of the industry’s most innovative companies. Together the companies hope to set a new standard for global reach and technological advancements for their customers. Financial terms of the transaction were not disclosed.

“We are thrilled to welcome Preferred into the Lineage family of companies,” said Greg Lehmkuhl, President and Chief Executive Officer of Lineage. “Bringing their first-class management team, deep industry experience and network of strategically located facilities into our organization will enable us to provide best-in-class service offerings for customers worldwide. Lineage is now better positioned than ever to meet the needs – and exceed the expectations – of food customers on a truly global scale.”

Following the closing, the combined company will feature over 1.3 billion cubic feet of temperature-controlled capacity across over 200 facilities, with a global footprint that spans North America, Europe and Asia. At present, Lineage and Preferred have highly complementary real estate and customer bases, making their combination a strategic expansion into new markets and new service offerings.

“Joining Lineage will bring Preferred to the next level of customer service by broadening our global reach while also significantly expanding our innovation capabilities,” said John Galiher, Chief Executive Officer of Preferred. “I am tremendously proud of the company we have built and longstanding customer relationships we have fostered since founding Preferred Freezer Services in 1989. We have found the ideal partner in Lineage, and I look forward to working closely with Greg, as well as the Lineage and Bay Grove teams, to offer our expanded customer base the best services and capabilities in the industry.”

This transaction will increase Lineage’s ability to invest in next-generation technologies while making new advances using the companies’ combined intellectual property. Together, these enhanced innovation capabilities will enable Lineage to provide unparalleled operational and energy efficiency to its expanded customer base. After the combination, Lineage will have 17 automated facilities with over 800,000 automated pallet positions, including the two largest automated facilities in the world and an accelerating strategy to bring the most sophisticated automated solutions to meet ever growing customer demands and complexity.

“We have followed Preferred’s impressive growth and innovations under John’s leadership since launching Lineage and always knew that bringing these two companies together would reinforce our vision to be the most dynamic temperature-controlled company in the industry,” commented Kevin Marchetti, Co-Founder and Managing Partner of Bay Grove, the principal investment firm backing Lineage. “This transaction will equip Lineage with the global reach and innovation capabilities that will fuel the next chapter of the Company’s growth and we are excited to have them on board.”

“I’d like to thank John and the entire Preferred team for their incredible partnership,” said Peter Lamm, Managing Director of Fenway Partners, Preferred’s equity partner and owner. “Preferred has built a tremendous platform under the management team’s leadership and, on behalf of Fenway Partners, I am proud to have supported its sustained growth over the past decade. We wish both organizations great success as a combined company.”

As part of the transaction, significant new equity was committed by existing investors, Stonepeak Partners and D1 Capital Partners.

Lineage has grown rapidly through acquisitions and organic growth since its founding in 2008. The Company’s acquisition of Preferred builds on the success of its long history of successfully integrating complementary companies into its portfolio. The companies expect the transaction to close in the second quarter of 2019, subject to customary closing conditions and regulatory approvals.

Morgan Stanley & Co. LLC acted as financial advisor to Lineage in this transaction, and Latham & Watkins LLP served as legal advisor to Bay Grove and Lineage. UBS Investment Bank acted as financial advisor to Preferred, with Ropes & Gray LLP serving as legal advisor. 

Lineage Logistics Acquires UK Cold Storage, Frozen Food & Logistics Service Provider Yearsley Group

NOVI, MI – Lineage Logistics Holdings, LLC (“Lineage” or the “Company”), the world’s most innovative and trusted provider of temperature-controlled supply chain solutions, today announced it has acquired Yearsley Group Limited (“Yearsley”), a leading temperature-controlled logistics service provider and frozen food distributor in the UK. Financial terms of the transaction were not disclosed.

“Yearsley has demonstrated a strong commitment to developing longstanding, bespoke customer relationships that is consistent with how we do business at Lineage. Bringing Yearsley into the Lineage family enables us to better serve customers in the UK market and further reinforces our international logistics capabilities,” said Greg Lehmkuhl, President and Chief Executive Officer of Lineage Logistics.

“Our acquisition by Lineage is a tremendous opportunity for Yearsley customers and employees alike,” said Jonathan Baker, Chief Executive of Yearsley Group. “Lineage’s commitment to innovation and service is unmatched, and we are excited to strengthen our ability to partner and grow with customers on a global scale unlike ever before.”

“We see tremendous alignment between our two organizations, not only in our capabilities to diligently serve customers’ extended supply chains, but also in our dedication to supporting a values-based culture that empowers our growing international workforce,” Lehmkuhl adds. “Together, we are unquestionably the highest-caliber team in the cold storage space, and we are best positioned to creatively solve our customers’ most complex logistics needs.”

In its 66-year history, Yearsley has grown to become one of the most respected temperature-controlled logistics providers in the UK, operating a network of 12 cold stores nationwide. With over 300 vehicles, Yearsley complements its cold storage solutions with high-impact, value-added transportation services, following a similar model to Lineage’s US-based operations. Also included in the transaction is Yearsley Food, a national frozen food supplier that supports customers across retail, food service, food manufacturing and export channels.

Since its founding in 2008, Lineage has evolved through both acquisitions and organic growth. The Company’s acquisition of Yearsley builds on the success of its first international acquisition in 2017 in which Lineage acquired Partner Logistics, a leading automated cold storage provider in Europe.

Rabobank acted as lead financial advisor, Houlihan Lokey acted as financial advisor and Latham & Watkins LLP acted as legal counsel to Lineage Logistics. KPMG Corporate Finance acted as financial advisor and Gateley plc acted as legal counsel to Yearsley Group.

Lineage Logistics Receives $700 Million Investment From Stonepeak Infrastructure Partners, D1 Capital Partners and Current Lineage Investors

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.”

Lineage Acquires Flagship Wisconsin Cold Storage Facility and Buys Portfolio of Leased SE Warehouses

Novi, MI – June 5, 2018 - Lineage Logistics, LLC ("Lineage"), the world’s most innovative and trusted provider of temperature-controlled supply chain solutions, today announced it has acquired Wisconsin-based cold storage provider, Service Cold Storage (“SCS”) as well as a portfolio of four leased cold storage warehouses in strategic markets across the Southeast. Financial terms of the transactions were not disclosed.

The acquisition of SCS establishes a flagship operation in the state of Wisconsin for Lineage and adds to the organization’s robust facility network in the Midwest. Located in Central Wisconsin’s Stevens Point, the current SCS facility is less than 5 years old and spans over 11 million cubic feet of temperature-controlled storage space. Construction on a significant expansion is underway that will bring the facility footprint to nearly 20 million cubic feet and provide more needed capacity to support customer growth.

“Lineage’s Midwest operations provide customers with unparalleled storage flexibility and access to value-added solutions, and the addition of our first Wisconsin location strengthens our ability to create efficiencies across customer supply chains,” said Greg Lehmkuhl, President & CEO of Lineage Logistics. “We are thrilled to welcome the SCS team to the Lineage family and to grow our Midwest presence.”

“We believe joining Lineage will help us to deliver ever greater value to our customers and to create more opportunities for our employees,” said SCS President & CEO Les Dobbe. “We look forward being a part of Lineage’s innovative and growing network.”

“SCS is known for its strong team, commitment to customer service and operational excellence,” said Kevin Marchetti, Managing Partner of Bay Grove, Lineage’s principal investment firm. “They are a special organization, and we are honored SCS chose to join forces with Lineage.”

The acquisition of SCS is announced on the heels of Lineage’s purchase of a portfolio of four leased cold storage facilities, located in Georgia, Louisiana, South Carolina and Virginia.

Lineage Logistics Acquires Eight Los Angeles Area Facilities from U.S. Growers Cold Storage

Novi, MI - November 28, 2017 - Lineage Logistics, LLC ("Lineage"), a leading international warehousing and logistics company backed by Bay Grove, LLC (“Bay Grove”), announced today it has acquired eight temperature-controlled warehouses from U.S. Growers Cold Storage (“Growers”). With the acquisitions, Lineage adds significant capacity to its expansive facility network in Southern California, providing increased storage flexibility and greater access to value-added solutions for its customers. Financial terms of the transactions were not disclosed.

The eight locations acquired from Growers encompass over 12 million cubic feet of capacity in the Los Angeles area and are accessible to Southern California’s major freeways, rail facilities and ocean container terminals, including the 250,000 square-foot transload facility Lineage operates in the Port of Long Beach’s overweight corridor. With the acquisition, Lineage strengthens its ability to customize high-impact supply chain solutions for customers by leveraging its expanded Southern California facility network of over 20 locations.

“While we have existing operations and deep experience in Southern California, this acquisition further represents Lineage’s commitment to grow with customers and optimize their supply chains in a desirable core market,” said Greg Lehmkuhl, President & CEO of Lineage Logistics. “Our aim has, and always will be, to consistently provide the space and solutions when and where our customers need it.”

“Lineage is a dynamic company with the sophistication and scale to deliver innovative, impactful solutions,” said Angelo Antoci, Growers President & CEO. “We are confident they will continue to provide exceptional service to our customers and great opportunities for our employees.”

“Growers is an outstanding organization with strong relationships in Southern California, and we are thrilled to welcome them to the Lineage family,” said Kevin Marchetti, Managing Partner of Bay Grove. “Angelo is an industry luminary for whom we have tremendous respect, and we are honored by the outcome of this proprietary acquisition.”

In addition to the acquisition, Lineage will continue Growers’ existing expansion plans to add over 25,000 pallet positions to its capacity over two phases. The initial phase is targeted for completion in May 2018.

The Growers acquisition and its subsequent growth plans are announced on the heels of Lineage’s acquisition of two cold storage facilities from American Cold Storage (“American”). Located in Boonville, Indiana and Louisville, Kentucky, the acquired facilities add over 8 million cubic feet of capacity to Lineage’s facility network and serve as a complement to its nearby warehouses in the Midwest region. American will continue to own its facilities in Humboldt and Jackson, Tennessee independently.

In sum, Lineage adds more than 20 million cubic feet of capacity to its international facility network through these two acquisitions.