Lineage Logistics named Körber Customer Innovation Award Winner at Elevate Americas 2021

Lineage Logistics recognized for unique commitment to conquer supply chain complexity

Novi, MI – Lineage Logistics, LLC (“Lineage” or the “Company”), the world’s largest temperature-controlled industrial REIT and logistics solutions provider, has been named a Customer Innovation of the Year winner in the category Standout Business Benefit by Körber. The honor recognizes Lineage for the exemplary use of Kӧrber’s solutions to revolutionize supply chains worldwide.

“Customer expectations for choice, speed and price are heightening. Additionally, the pandemic has made an already complex supply chain even more challenging. We see this as an opportunity for our customers to excel and differentiate themselves.” said Bill Ryan, CEO Software North America for Körber Business Area Supply Chain. “Solving supply chain complexities is about finding the right technology and a partner you can rely on. Our customer innovation award winners did just that – working with us for creative solutions for today and beyond.”

“Lineage is committed to offering transformative logistics solutions to engage, manage and optimize our 5,000-plus customers’ end-to-end supply chain needs. Using K.Motion WMS, Lineage has set the standard for support excellence across the global food supply chain,” said Sudarsan Thattai, Lineage’s Chief Information Officer. “I am proud of Lineage’s unwavering commitment to innovative solutions, and thank Körber for their recognition of our leadership in this effort.”

Customer Innovation Award recipients have embraced today’s supply chain challenges and overcome complexities – capitalizing on and finding unique opportunities through the power of Körber’s solutions. This includes supply chain software, automation, voice/vision/mobility, robotics, material handling equipment, systems integration and consulting.

This year, Körber’s annual supply chain user conference, Elevate Americas, was held virtually live and on-demand. Winners were recognized during an awards ceremony on March 12, 2021. Kӧrber’s Elevate conferences bring together hundreds of professionals around the world to learn more about the latest opportunities and solutions to revolutionize supply chains. Events in Europe and the Asia Pacific will also be held in 2021.

Learn more about Kӧrber’s customer success stories here.


About the Körber Business Area Supply Chain

Supply chains are growing more complex by the day. Körber uniquely provides a broad range of proven, end-to-end supply chain solutions fitting any business size, strategy or appetite for growth. Capable of delivering not just software, but automation, voice, robotics, and materials handling – plus the expertise to tie it all together. We are a global partner not just for today, but also as the needs of supply chains continue to evolve. Conquer supply chain complexity – with Körber. The Business Area Supply Chain is part of the global technology group Körber. Find out more on www.koerber-supplychain.com

Lineage Logistics Raises $1.9 Billion in New Equity to Fund Investment in Global Network Capacity and Industry-Leading Technology

Led by a set of world-class investors, Lineage’s latest equity raise is the largest funding round since its founding in 2008 and brings the total equity raised since January 2020 to $4.3 billion

Company also transforms its capital structure with a new $2.8 billion corporate credit facility

Lineage to use funds for global greenfield developments, facility expansions, M&A activity and technology innovations to turbocharge end-to-end supply chain efficiency for customers

BentallGreenOak Senior Managing Partner and Co-Founder John Carrafiell to join Lineage’s Board of Directors

Novi, MI – March 11, 2021 – Lineage Logistics, LLC (“Lineage” or the “Company”), the world’s largest and most innovative temperature-controlled industrial REIT and logistics solutions provider, today announced it has raised $1.9 billion in equity from new and existing strategic partners. Participating investors include BentallGreenOak, D1 Capital Partners, Oxford Properties, CenterSquare Investment Management, MS Tactical Value and Conversant Capital, OP Trust, Cohen & Steers, among others.

“We set out to raise capital to support Lineage’s investments in the world’s most state-of-the-art technology and automation, greenfield developments, facility expansions, and continued acquisitions, and we were met with overwhelming demand from some of the most well-respected global institutional investors,” said Greg Lehmkuhl, President and CEO of Lineage. “This is clear validation of our business model and our consistent, successful strategy to optimize our customers’ temperature-controlled supply chains, which is exactly how we intend to deploy the funds – to bolster our customers’ experiences from every angle and prove ourselves as their most valuable partner.” 

In addition to this latest equity raise – which is the Company’s largest since its founding in 2008 and follows September’s $1.6 billion raise –  Lineage also transformed its capital structure with a new $2.8 billion Revolving Credit Facility and Term Loan A. The new facility aligns closely with traditional REIT financings, has investment-grade pricing, and becomes unsecured upon compliance with investment-grade covenants. Additionally, the new facility enables Lineage’s growth worldwide by offering multicurrency lending across Lineage’s numerous jurisdictions. This transaction represents Lineage’s first sustainability-linked loan with three Environmental, Social, and Governance (ESG) initiatives.

As Lineage continues to fulfill its purpose of transforming the food supply chain to eliminate waste and help feed the world, a significant portion of the $1.9 billion of new capital will be used to double down on new and disruptive technologies to design the temperature-controlled warehouse of the future. Tapping its award-winning team of data scientists and technologists, the Company is developing widespread algorithmic programming and automation software to streamline its operations and optimize every movement within its warehouses. Lineage – which has 13 patents and a track record of technological innovations – also announced earlier this year the launch of Lineage Link, a fully-integrated customer experience platform which provides unprecedented visibility and collaboration across its customers’ supply chains.

Additionally, the new equity will be deployed, in part, to fund greenfield development and facility expansion projects in its North American, European and Asian-Pacific operating regions. Focusing on customer need and opportunity, Lineage has recently completed or has pending construction in the following markets:

In the U.S.:

• Charleston, South Carolina

• Logan Township, New Jersey

• New Orleans, Louisiana

• Portsmouth, Virginia

• Sioux Falls, South Dakota

• Stevens Point, Wisconsin

International:

• Aarhus (Denmark)

• Gdansk (Poland)

• Hanoi (Vietnam)

• Heywood (United Kingdom)

• Peterborough (United Kingdom)

• Tauranga (New Zealand)

“I am proud to say that the company we have been building has made an incredible and transformative impact on our customers, our team members, our communities and the broader temperature-controlled industry,” said Adam Forste, Co-Executive Chairman of Lineage and Co-Founder and Senior Managing Partner at Bay Grove, which founded and manages Lineage. “This additional equity – from some of the best regarded names in the investment world – positions Lineage for continued and meaningful growth.”

In addition to growth via greenfield development and facility expansion projects, Lineage continues its long history of acquiring best-in-class cold chain companies around the world. The Company previously announced a dozen international acquisitions and is proud to also welcome a group of well-respected organizations to strengthen its domestic operations, including:

• Dick Cold Storage, including three locations in the Greater Columbus, OH area

• A new strategic warehouse in Lyndhurst, VA

• Great Lakes Cold Storage, including two locations in Solon, OH and Cranberry Township, PA

• Win Chill Cold Storage, including one location in Sioux Falls, South Dakota

• Joliet Cold Storage, including two locations in Bolingbrook, IL and Joliet, IL

A number of the former owners from these companies, in addition to those already announced, chose to become investors in Lineage, rolling a part of their companies’ sale proceeds into Lineage equity.

Lineage represents the largest network of temperature-controlled warehouses globally, with more than 340 strategically located facilities offering over 2.1 billion cubic feet of capacity and spanning 15 countries across North America, Europe, Asia, Australia, New Zealand and South America. During 2020, Lineage completed 38 acquisitions which added 128 facilities in 11 countries, bringing over 5,000 new employees into the organization. Also in 2020, Lineage became the first temperature-controlled warehousing provider to offer refrigerated and insulated railcar solutions through the acquisition of Cryo-Trans.

In connection with the equity raise, the Company also announced a new Board Member, BentallGreenOak Senior Managing Partner and Co-Founder, John Carrafiell, who brings with him 33-years of real estate and capital markets experience.  With $53 billion in Assets Under Management (AUM), BentallGreenOak is a leading global real estate investment manager and advisor, and a globally recognized provider of real estate services. Carrafiell was previously Global Co-Head of Morgan Stanley Real Estate (MSRE), where he was responsible for running the real estate investment banking platform globally as well as the principal investing business with $100 billion in AUM in over 33 countries.

“In recognizing Lineage’s exciting and industry-leading runway for innovation as well as its tremendous pipeline of growth opportunities, BentallGreenOak is thrilled with the most recent raise to become one of the Company’s largest investors,” said Carrafiell. “Serving as an observer on Lineage’s board for the past six months, I saw first-hand the Company’s extraordinary ability to continue to grow – both organically and through acquisitions – without missing a beat – despite the ongoing pandemic.”

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About Lineage Logistics

Lineage is the world’s largest and most innovative temperature-controlled industrial REIT and logistics solutions provider. 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. Lineage has grown its cubic feet by 60% annually since 2008 to 2.1 billion cubic feet, making it the largest global temperature-controlled industrial REIT. 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)

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 Strengthens Industry-Leading Temperature-Controlled Facility Network in Europe with a Dozen Transactions in 2020

Twelve transactions include twenty locations spanning over 2.5 million square feet and 90 million cubic feet of capacity across five European countries, including The Netherlands, Denmark, Belgium, Poland and Norway

Novi, MI – Lineage Logistics, LLC (“Lineage” or the “Company”), the world’s largest and most innovative temperature-controlled industrial REIT and logistics solutions provider, today announced the completion of twelve transactions across Europe to build on its leading global facility network. Over the past twelve months, Lineage completed strategic acquisitions across four countries that consists of twenty locations in core population and food production markets. Also included in the Company’s deal activity is a majority investment in a state-of-the art automation commissioning business located in Belgium. All acquisitions have either been successfully integrated or will be integrated in the first quarter of 2021.

Among the companies joining the Lineage team is Coldstar, Lineage’s most recent acquisition in the region which features a highly automated operation in the “Golden Triangle” of Denmark, strategically located between Jutland, Zealand and Germany. Coldstar adds nearly seven million cubic feet and over 20,000 pallet positions of cold storage capacity to the Lineage network, with more than 100 skilled and enthusiastic team members serving approximately 65% of the Danish retail market. Plans to grow this business and expand its offerings to retailers in Denmark and beyond are actively under consideration.

In addition to Coldstar, the announced transactions include:

Denmark

• Lundsøe Køl og Frys, five locations across Denmark with a substantial expansion planned for the Port of Aarhus to be completed in 2021

• Super Frost Sjaelland A/S, one location outside Copenhagen

• Kolding, one triple-net leased facility

• Kanalholmen, one triple-net leased facility

The Netherlands

• Vriescentrale Asten, one highly automated operation focused on meat processing for international export

• Frigo Group’s Heerenberg B.V. location in Heerenberg

Belgium

• F.A.I.S. - Flexible Automation Innovative Solutions – a state of the art automation commissioning business that will assist Lineage in its substantial new build growth pipeline

Norway

• Larvik, one net leased facility in proximity to Larvik Harbour, Norway’s second largest container port

• Oslo, one net leased facility

• Moss Cold Storage, one operation in Moss, Norway that services the broader Norwegian market

Poland

• Pago Sp. z o.o., six locations across Poland

“In a year like 2020, which presented both challenges and opportunities, I’m proud we were able to enter new markets and continue our growth momentum around the globe,” said Greg Lehmkuhl, President and Chief Executive Officer of Lineage. “We ended the year in a strong position in the European market and more focused than ever on our purpose of transforming the food supply chain to eliminate waste and help feed the world.”

“These transactions are important to our growing European footprint and address increasing demand from customers to respond to shifting market dynamics and implement new, innovative and global supply chain solutions,” said Mike McClendon, Lineage’s President of International Operations & EVP of Network Optimization. “The strategic locations of these facilities, combined with those which offer and facilitate highly-automated operations or expansion opportunities, allow us to offer supply chain solutions that extend throughout the entire value chain.

Following the close of these transactions, the combined Company features a global footprint that spans over 2.1 billion cubic feet of temperature-controlled capacity across over 340 facilities in 15 countries spanning North America, Europe, Asia, Australia, New Zealand, and South America.


About Lineage Logistics

Lineage is the world’s largest and most innovative temperature-controlled industrial REIT and logistics solutions provider, 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. Lineage has grown its cubic feet by 60% annually since 2008 to 2.1 billion cubic feet, making it the largest global temperature-controlled industrial REIT. 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)

Lineage Logistics Becomes First Temperature-Controlled Warehousing Provider to Offer Refrigerated and Insulated Railcar Solutions

Lineage Logistics to acquire Cryo-Trans, owner of North America’s largest private fleet of refrigerated and insulated railcars

Novi, MI – Lineage Logistics, LLC (“Lineage” or the “Company”), the world’s largest and most innovative temperature-controlled industrial REIT and logistics solutions provider, today announced the acquisition of Cryo-Trans, North America’s leading provider of refrigerated and insulated railcars and rail management solutions. This industry-first partnership creates a uniquely comprehensive and seamlessly integrated supply chain solution for food and beverage customers. Financial terms of the transaction were not disclosed.

Cryo-Trans manages more than 40,000 annual rail shipments and owns over 2,200 refrigerated and insulated railcars, the largest private fleet of its kind in North America. Since designing its first temperature-controlled railcar in 1985, Cryo-Trans has partnered with its customers to develop sustainable and cost-efficient long-haul rail transportation solutions. Cryo-Trans has also leveraged its proprietary rail management programs to become a trusted rail management partner, providing real-time information and visibility to track, trace and expedite railcar shipments anywhere in North America.

“Lineage’s acquisition of Cryo-Trans signals our commitment to knowing no bounds when it comes to investing in creative and truly end-to-end solutions for our customers,” said Kevin Marchetti, Co-Founder of Lineage and Bay Grove. “We are proud to continuously lead innovation in our industry, and we look forward to uncovering new opportunities to further streamline our customers’ supply chains.”

“Welcoming the dynamic team from Cryo-Trans further diversifies Lineage’s comprehensive suite of multi-modal services and creates a unique, under-one-roof solution for our customers in which warehousing and transportation are seamlessly integrated,” said Greg Lehmkuhl, Lineage’s President & CEO. “Combining our leading facility footprint, a railcar network and data-driven transportation management systems enables us to further optimize freight, create greater efficiencies, generate unprecedented supply chain visibility and provide a new ease of doing business for our customers.”

Lineage represents the largest network of temperature-controlled warehouses globally, with more than 330 strategically located facilities offering nearly 2 billion cubic feet of capacity and spanning 15 countries across North America, Europe, Asia, Australia, New Zealand, and South America. Lineage also offers transportation solutions, including less-than-truckload (LTL) consolidation, managed transportation, on-demand transport, port logistics, customs brokerage, import/export, drayage, last-mile delivery and related value-added services.

“We are honored to bring our rail experience and premium railcars to the world’s leading temperature-controlled logistics company,” said Herman Haksteen, Chief Executive Officer of Cryo-Trans. “Together we will continue to execute on the Cryo-Trans mission of ‘protecting today’s perishables for tomorrow,’ and we are excited to join Lineage in living their purpose to transform the food supply chain by introducing a new, one-of-a-kind end-to-end supply chain solution to the industry.”

J.P. Morgan is acting as a financial advisor to Lineage. Latham & Watkins is acting as a legal advisor to Lineage.

DLA Piper is acting as legal advisor to Cryo-Trans.


About Lineage Logistics

Lineage is the world’s largest and most innovative temperature-controlled industrial REIT and logistics solutions provider. 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. Lineage has grown its cubic feet by 60% annually since 2008 to 1.9 billion cubic feet, making it the largest global temperature-controlled industrial REIT. 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)


About Cryo-Trans

Cryo-Trans, located in Reisterstown MD is the world’s largest provider of private, insulated and refrigerated Railcars. Through its world class car leasing programs and its state-of-the-art rail car management programs Cryo-Trans has formed strong long-lasting relationships with the largest food and beverage manufactures in North America, moving or managing over 40,000 shipments per year. Started in the 80,s with a single unique design the company has grown its rail fleet of insulated and refrigerated cars to over 2200 cars. Cryo-Trans provides support and guidance to PRFBA (Private Railcar Food and Beverage Shippers Association). (www.mhwgroup.com)


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 Closes Acquisition of Kloosterboer Norway Facility

The acquisition represents Lineage’s continued focus on growing its footprint to most efficiently serve customers in the Scandinavian and Nordic markets

Kloosterboer Norway is a leading temperature-controlled logistics services provider in Northern Europe

Novi, MI – Lineage Logistics, LLC (“Lineage” or the “Company”), the world’s largest and most innovative temperature-controlled industrial REIT and logistics solutions provider, today announced the acquisition of the Kloosterboer Norway facility. Terms of the deal were not disclosed.

The Kloosterboer Norway facility totals 17,500 pallet positions and is strategically located outside of Oslo where it is well-positioned to serve both food producers and retailers. The facility’s structural design provides a highly efficient use of the volume in the cold store, allowing Lineage to continue executing its purpose to transform the food supply chain to eliminate waste and help feed the world.

“We’re excited to bring the Kloosterboer Norway facility into the Lineage network to enable us to further serve and reach customers in the Northern European region,” said Mike McClendon, Lineage’s President of International Operations & EVP of Network Optimization. “Kloosterboer, founded in 1925, is a strong and independent family business and we welcome the team at the Kloosterboer Norway facility to the Lineage family.”

“Kloosterboer’s strategy is to be an integrated supply chain partner for its customers, which is leading us in the direction of building multiple new locations in a short period of time. Because the Nordics are not a key development market in this strategy, we are pleased to sell Kloosterboer Norway to Lineage,” said Stephane Pluenet, Kloosterboer’s Executive Director of Automation.

The acquisition follows Lineage’s entrance into Norway in October 2020, and more broadly, Lineage’s entrance into the Scandinavian region in June 2020. The acquisition also contributes to the strategic expansion of Lineage’s facility network across Europe. Following the close of this transaction, the combined Company will feature a global footprint that spans over 1.9 billion cubic feet of temperature-controlled capacity across over 330 facilities in 14 countries spanning North America, Europe, Asia, Australia, New Zealand, and South America.

Ro Sommernes acted as legal advisor to Lineage.


About Lineage Logistics

Lineage is the world’s largest and most innovative temperature-controlled industrial REIT and logistics solutions provider, 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. Lineage has grown its cubic feet by 60% annually since 2008 to 1.9 billion cubic feet, making it the largest global temperature-controlled industrial REIT. 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)


About Kloosterboer

The Kloosterboer Group is a family-owned company with 95 years of experience in the handling of temperature-controlled food products, such as fish, meat, fruit, fruit juices /-concentrates, dairy and potato products. Kloosterboer develops and provides innovative and sustainable solutions in the supply chain for conditioned food products. Kloosterboer is committed to long-term relationships and wants to make cost savings for its customers and increase the level of service. The company is specialized in warehousing, stevedoring, forwarding, shipping, customs and logistics IT. With over 4,7 million m3 / 700.000 tonnes storage capacity in The Netherlands, Germany, France, Sweden, Canada and South Africa, Kloosterboer is one of the leading companies in this sector. (https://www.kloosterboer.com/nl/)


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 Enters the Polish Cold Storage Market with the Acquisition of Pago Sp. z o.o.

Lineage further expands its growing presence in Europe with the acquisition of Pago, Poland’s largest cold storage and logistics provider

Novi, MI –  Lineage Logistics Holdings, LLC (“Lineage” or the “Company”), the world’s largest and most innovative temperature-controlled industrial REIT and logistics solutions provider, today announced it has acquired Pago Sp. z o.o. (“Pago”), a leading warehousing, distribution and transport logistics provider in Poland from its current ownership, including Tönnies International Holding GmbH (“Tönnies”). The strategic acquisition marks the Company’s entrance into the Polish market and adds six exceptional assets to Lineage’s global network of temperature-controlled facilities. Lineage was founded and continues to be managed by Bay Grove Capital, LLC (“Bay Grove”), a principle investment firm dedicated to partnering with strong management teams to build long-term platform investments. Financial terms of the transactions were not disclosed.

“We are excited to enter Poland by acquiring Pago, which is known for its dedicated team members, the most modern network in its market and an entrepreneurial culture with roots as a family business – just like so many of the organizations we’ve embraced as part of our ‘One Lineage’ family,” said Mike McClendon, Lineage’s President of International Operations & EVP of Network Optimization. “The acquisition also expands the Lineage footprint to an increasingly important market for our customers and a region where we see opportunities to add capacity and implement new, innovative customer solutions.”

The combined Company will feature over 1.9 billion cubic feet of temperature-controlled capacity across more than 330 facilities in 15 countries, with a global footprint that spans North America, South America, Europe, Asia, Australia and New Zealand.

“We are very pleased to partner with the current Pago leadership, who have helmed the organization since 2006 based on an ethos of reliability, quality and commitment to the customer while growing it to become the largest and most modern cold storage company in Poland,” said Adam Forste, Co-Executive Chairman of Lineage and Co-Founder and Managing Partner of Bay Grove. “Pago leaders Adam, Patryk and Maciej Gościniak will continue with the business and help Lineage drive further growth in this critical and strategic region. We would like to thank Tönnies for their efforts in support of this transaction.”

“We couldn’t be more excited to be joining the Lineage family,” said Patryk Gościniak, Vice Chairman of Pago. “Lineage is known worldwide for its unrivaled international facility network, robust suite of supply chain solutions as well as its extensive technology and automation resources. We are honored they have recognized our talent and expertise in the Polish market and will now lead the Pago team into a promising new chapter as part of Lineage. On behalf of the leadership, I’d like to thank our entire team for their hard work in building Pago to what it is today. It is because of these efforts and commitment to our business that we have reached this milestone.”

Rabobank acted as financial advisor to Lineage. Latham & Watkins acted as legal advisor to Lineage.

PWC Legal acted as legal advisor to Tönnies.

About Lineage Logistics

Lineage is the world’s largest and most innovative provider of temperature-controlled logistics solutions. 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. Lineage has grown its cubic feet by 60% annually since 2008 to 1.9 billion cubic feet, making it the largest global temperature-controlled industrial REIT. 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)


About Pago Sp. z o.o.

Pago is the most recognizable provider of frozen food logistics in Poland. It successfully carries out projects combining warehouse and distribution logistics, meeting the needs of the most demanding customers, including the largest Polish manufacturers of frozen food, international concerns and retail chains who expect the highest standards of service, ethics and safety. Pago runs a network of modern frozen food logistics centers, developed in accordance with top construction and equipment standards, and its total storage capacity exceeds 190 000 pallet positions. One of its facilities is located in the Baltic Sea Port of Gdańsk, directly in the Deepwater Container Terminal, making Pago an important link in the supply chain in terms of global frozen food trade. (www.pago.net.pl)


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 Broadens Scandinavian Footprint Through Acquisition of Port-Centric Norwegian Property

The acquisition represents Lineage’s continued focus on growth in the greater Scandinavian region

The acquisition was led by Bay Grove Capital (“Bay Grove”), Lineage’s owner-operator

Novi, MI – Lineage Logistics, LLC (“Lineage” or the “Company”), the world’s largest and most innovative temperature-controlled industrial Real Estate Investment Trust (“REIT”), and logistics solutions provider, today announced the acquisition of Teglverksveien 47-49 (“Teglverksveien”), a port-centric property in Norway which features a newly-built modern cold storage and freezer building. Commercial real estate adviser, CBRE (NYSE:CBRE) represented the buyer and served as the transaction broker. Terms of the deal were not disclosed. 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.

The Teglverksveien property, located outside Oslo, Norway’s capital and largest city, totals over 14,000 square meters of capacity. The facility represents Lineage’s first investment in Norway and serves the central Eastern Norway cold-storage market. Similar to other properties that Lineage owns as a REIT, this facility is leased to a third-party operator.

“As the first US-based cold-storage logistics organization to enter Norway, we’re thrilled to grow our footprint in Scandinavia and make this first investment in Norway. We hope to continue to grow in greater Scandinavia and offer cold-storage services to our customers in this critical geography,” said Mike McClendon, Lineage’s President of International Operations & EVP of Network Optimization. “Our strategic expansion in Europe centers around providing our customers with best-in-class solutions in locations that make the greatest impact.”

The Teglverksveien property is located in the Drammen municipality, which lies 40 kilometres (25 mi) from Oslo and is in close proximity to the Drammen Port that offers both a rail terminus and a seaport, making it a strategic real estate investment.

“This acquisition highlights the continued expansion of our net-leased real estate portfolio with well-located cold-storage properties and our growth as a global industrial REIT focused on temperature controlled warehouses,” said Adam Forste, Co-Executive Chairman of Lineage and Co-Founder and Managing Partner at Bay Grove, which led the acquisition. “Properties like Teglverksveien represent high-quality real estate which are well-positioned for future supply-chain growth. The Norwegian CBRE team played a vital role in introducing the opportunity and facilitating the process resulting in a successful transaction.”

The acquisition contributes to the strategic expansion of Lineage’s facility network across Europe. Following the close of this transaction, the combined Company will feature a global footprint that spans over 1.9 billion cubic feet of temperature-controlled capacity across over 320 facilities in 14 countries spanning North America, Europe, Asia, Australia, New Zealand, and South America.

“We are thrilled to have completed a successful transaction with Lineage. Both parties were able to consummate a seamless, efficient transaction, even in the challenging circumstances presented by COVID-19,” says Axel Folkvard Partner at Oslo Finans, a Norwegian syndicator who acquires and manages Real Estate on behalf of HNW (High Net Worth) individuals.

This acquisition follows the Company’s announced entry into the Nordic region through the acquisition of Kanalholmen 15 (“Kanalholmen”), a large, net-leased cold storage facility located in the industrial area of Avedøre Holme in Hvidovre.

About Lineage Logistics

Lineage is the world’s largest and most innovative provider of temperature-controlled logistics solutions. 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. Lineage has grown its cubic feet by 60% annually since 2008 to 1.9 billion cubic feet, making it the largest global temperature-controlled industrial REIT. 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)

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 Raises $1.6 Billion in New Equity to Drive Business Growth and Support Further Investment in Technology and Automation

Company to use funds to pursue additional new acquisitions and organic expansions to provide added value to customers around the globe

Investors include Oxford Properties, BentallGreenOak, D1 Capital Partners, Cohen & Steers, OPTrust, CenterSquare Investment Management, Morgan Stanley Tactical Value, among others

Oxford Properties Group President Michael Turner to join Lineage’s Board of Directors

Company to name new Board Observers, including BentallGreenOak’s John Carrafiell and SOHO China’s Zhang Xin

Novi, MI – Lineage Logistics, LLC (“Lineage” or the “Company”), the world’s largest and most innovative temperature-controlled industrial REIT and logistics solutions provider, today announced it has raised $1.6 billion in equity from new and existing strategic partners. Participating investors include Oxford Properties Group (“Oxford Properties”), BentallGreenOak, D1 Capital Partners, Cohen & Steers, OPTrust, CenterSquare Investment Management, and investment funds managed by Morgan Stanley Tactical Value, among others.

“This significant investment -- from both new and existing investors -- is validation of our business model, our innovative strategy and our plans to continue expanding our footprint as the world’s largest temperature-controlled warehousing and logistics company,” said Greg Lehmkuhl, President and CEO of Lineage. “As we reimagine the food supply chain and execute on our company purpose to eliminate waste and help feed the world, we remain focused on driving value for our more than 5,000 customers by operating globally and deploying industry-changing technologies to create efficiencies across our 320 facilities.”

During 2020, Lineage has announced 16 acquisitions and executed on 15 new expansions and greenfield facilities. The Company also continues to develop a number of the world’s most advanced fully automated warehouses that will reduce environmental intensity, while providing flexible and expansive capacity for customers during a period where the global pandemic is putting acute strain on the global food supply chain. New capital will fuel these increasingly large investments.  

“Since the company’s founding in 2008, we have been on a mission to transform the food chain by building a global platform, fueling it with advanced technologies and putting in place a world-class leadership team to lead this industry,” said Adam Forste, Co-Executive Chairman of Lineage and Co-Founder and Managing Partner at Bay Grove, which founded and manages Lineage Logistics. “From the acquisition of our first warehouse, we have been able to build Lineage by having great investors -- this capital raise adds an incredible group of new strategic partners and board participants that will further accelerate our ability to grow and innovate.”

In conjunction with this capital raise, Oxford Properties’ President, Michael Turner, will join Lineage’s Board of Directors, bringing with him decades of commercial real estate experience. Oxford is a leading global investor, developer and manager of commercial real estate with approximately $60 billion in assets under management. Operating across four continents, Oxford’s portfolio spans over 100 million square feet across both global gateway cities and high-growth hubs where it invests in properties, portfolios, development sites, debt, securities and platforms across the risk-reward spectrum.

“Over recent years, Oxford has substantially increased our exposure to logistics real estate by selectively investing in a series of best-in-class operators across the globe, and Lineage represents the premier operator in cold storage sector,” said Oxford Properties’ President Michael Turner. “I look forward to working with the Lineage management team and the rest of the Board, which has transformed the Company into the global market leader. Our investment demonstrates our confidence in the team, the platform it has built and Lineage’s growth opportunities.”

The Company also announced new Board Observers, each with extensive real estate investment experience, including John Carrafiell, a Founder & Senior Managing Partner of real estate investment management and advisory firm BentallGreenOak, and Zhang Xin, CEO SOHO China, one of China’s largest and best known commercial property developers.

Morgan Stanley and Eastdil Secured acted as placement agents, and Latham & Watkins, LLP served as legal counsel for Lineage.

Lineage Logistics Announces Acquisition of Henningsen Cold Storage Co.

Acquisition adds to Lineage’s expansive U.S. network with the addition of 14 facilities and bolsters its leading presence in the Pacific Northwest

Acquisition amplifies Lineage’s existing presence in Oregon, Washington and Pennsylvania, and marks the Company’s entrance into Idaho, North Dakota and Oklahoma

Novi, MI – Lineage Logistics, LLC (“Lineage” or the “Company”), the world’s largest and most innovative provider of temperature-controlled logistics solutions, today announced it has signed a definitive agreement to acquire Henningsen Cold Storage Co. (“Henningsen”). Lineage was founded by and continues to be managed by Bay Grove. The strategic acquisition adds to the Company’s expansive U.S. facility network and bolsters its leading presence in the Pacific Northwest, with the addition of 14 facilities across Oregon, Washington, Idaho, Pennsylvania, North Dakota and Oklahoma. Financial terms of the transactions were not disclosed.

“We are honored to welcome the Henningsen team to the Lineage family and to serve our combined customer bases across additional points in their food supply chains,” said Greg Lehmkuhl, President and Chief Executive Officer of Lineage. “Our organizations share a commitment to excellence, doing business with integrity and finding sustainable ways to run our businesses, and I look forward to seeing how our strong operational and cultural foundations will propel us into the future.”

Following closing of this transaction and pending the close of a previously announced transaction, the combined Company will feature over 1.9 billion cubic feet of temperature-controlled capacity across 311 facilities in 11 countries, with a global footprint that spans North America, Europe, Asia, Australia and New Zealand.

Henningsen Cold Storage Co., which was founded in 1923 by Waldemar F. Henningsen, Sr., originally operated under the name “Northwestern Ice & Cold Storage Inc.,” and stands today as a fifth-generation family business with a legacy of reliability and long-standing, excellent relationships with customers.

“We have known the Henningsen family since our earliest days in the cold chain industry and have deep respect for the business, culture and reputation they have built over generations,” said Kevin Marchetti, Co-Founder of Lineage Logistics and Bay Grove. “When we founded Lineage a little over eleven years ago, we looked to emulate companies like Henningsen that built their company with a long-term mindset. With this transaction, we will bring together two companies with that type of approach and make them both even stronger together.”

“On behalf of the entire Henningsen family, we are thrilled to be joining Lineage,” said Paul Henningsen, President of Henningsen Cold Storage Co.  “We chose Lineage because we believe it will be the best way to strengthen our partnerships with customers by providing access to an unrivaled international facility network, extensive technology and automation resources as well as a robust suite of supply chain solutions. I am incredibly proud of our organization and the customer and employee centric reputation we have built over many years. I’d like to thank the entire Henningsen team for their continued efforts and dedication to our business, and I can’t wait to see what the future holds for us as part of Lineage.”

The transaction is expected to close in the coming months, subject to customary closing conditions.

Credit Suisse is acting as financial advisor to Lineage. Latham & Watkins is acting as legal advisor to Lineage.

BofA Securities is acting as exclusive financial advisor to Henningsen. Schwabe, Williamson & Wyatt is acting as legal advisor to Henningsen.

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About Henningsen Cold Storage Co.

Henningsen is a professionally managed, multi-generational family owned company that is committed to delivering quality, reliable service and solutions to make lives easier for its customers and associates.  Henningsen’s commitment also extends to leading the industry in associate and food safety, energy efficiency, and refrigeration technologies.  Henningsen has received numerous awards and recognition from industry including Mass Mutual’s National Family Business of the Year Award. (www.henningsen.com)

Lineage Logistics Acquires QSR and Casual Dining Distribution Business from Maines Paper & Food Service

Maines’ QSR and Casual Dining distribution customers, including Burger King, Tim Hortons and Darden Restaurants to benefit from Lineage®’s end-to-end supply chain capabilities and world-leading warehouse network

Acquisition saves more than 850 U.S. jobs and ensures continuity within the food supply chain in the midst of the pandemic

Acquisition further expands Lineage’s service offerings to customers with last mile distribution and adds leading U.S. restaurant brands into the Lineage network

Novi, MI – Lineage Logistics (“Lineage” or the “Company”), the world’s largest and most innovative provider of temperature-controlled logistics solutions, today announced it has acquired the assets of Maines Paper & Food Service, Inc. (“Maines”), one of the leading foodservice distributors in the U.S.

To bolster its end-to-end supply chain solutions in the quick serve restaurant (“QSR”) and casual dining hospitality segments, Lineage acquired the last mile food service distribution assets of Maines, which primarily supports Burger King, Tim Hortons and Darden Restaurants. This division, which encompasses a sophisticated warehousing and transportation network across seven states, serves over 2,500 brand restaurants including Burger King, Tim Hortons, Olive Garden, Longhorn Steakhouse, Cheddar’s Scratch Kitchen and The Capital Grille.

“To complete this acquisition in the midst of a worldwide pandemic while the nation is facing economic headwinds is extraordinary, but we continue to bet on America and are thrilled to further support our front line heroes in the food supply chain, like those at Lineage and Maines,” said Greg Lehmkuhl, Lineage’s President & CEO. “We look forward to the opportunity to step up and help our customers stabilize their supply chain, preserve hundreds of jobs for hardworking Maines employees and ensure we continue to feed the world.”

“Maines has served as a key distributor of America’s foodservice community over the last century, and today’s news ensures our QSR and casual dining distribution business can continue to operate and service our customers for years to come as part of one of the best food supply chain networks in the world,” said Chris Mellon, President & CEO of Maines. “In Lineage, we’ve found a great partner with a stellar track record of doing business the right way and a reputation of taking care of its people, customers and communities.”

“Restaurant Services, Inc. (“RSI”) and Burger King have a longstanding relationship with Lineage and has familiarity with their suppliers and business partners, many of whom we are already working with. I am confident that this step to further integrate with Lineage will create significant value for RSI, our suppliers, and the Burger King restaurants we serve,” said RSI President & CEO, Joel Neikirk.

This transaction builds on Lineage’s extensive temperature-controlled logistics network, which includes over 50 million square feet and 1.8 billion cubic feet of temperature-controlled capacity across more than 290 facilities in 11 countries across North America, Europe, and the Asia-Pacific.

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About Maines Paper & Food Service

Maines Paper & Food Service, Inc. is one of the largest independent foodservice distributors in the country with a 100-year history of helping restaurant owners and managers maximize the performance. For more information log onto www.maines.net.
 

About Restaurant Services, Inc.

Restaurant Services, Inc. (RSI), at www.rsiweb.com, is the supply chain manager for the BURGER KING® system and the exclusive purchasing agent for the vast majority of products and distribution services used by RSI's members – BURGER KING® restaurant owners in the United States.