Logistics and cold storage firm Lineage Logistics LLC is continuing its streak of growth through acquisition, announcing today that it has bought Preferred Freezer Services, a global network of temperature-controlled warehouses.
Terms of the deal were not disclosed, but Lineage said the transaction relied on "significant new equity" committed by existing investors Stonepeak Partners and D1 Capital Partners.
In past deals, Lineage had acquired both the Wisconsin-based cold storage provider Service Cold Storage (SCS) and a group of four dedicated warehouses in 2018 and the Dutch cold-service firm Partner Logistics in 2017. Also in 2018, Lineage teamed with partner Dreisbach Enterprises to open Lineage Cool Port Oakland at California's Port of Oakland.
Novi, Mich.-based Lineage's latest move will allow it to broaden that network of cold-storage DCs to serve food industry clients by combining complementary warehouse locations with Chatham, N.J.-based Preferred Freezer Services, the firms said.
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.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 meet growing customer demands with automated solutions, Lineage said.
"Bringing [Preferred Freezer Services'] 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 President and CEO Greg Lehmkuhl said in a release. "Lineage is now better positioned than ever to meet the needs - and exceed the expectations - of food customers on a truly global scale."
