Cold storage giant Lineage Logistics LLC is continuing its rapid expansion just three months after it landed $1.9 billion in new funding, announcing Tuesday that it had acquired Kloosterboer Group, a European provider of integrated temperature-controlled storage, logistics and value-added services.
Terms of the deal were not disclosed but Novi, Michigan-based Lineage said that Kloosterboer’s founding family will support future growth of the business by choosing to become investors in Lineage and rolling a part of their sale proceeds into Lineage equity.
Kloosterboer’s holdings consist of 11 facilities across the Netherlands, France, Germany, Canada, and South Africa, totaling 226 million cubic feet of capacity and 790,000 pallet positions and employing over 900 team members. That network also features nearly 18,000 solar panels, four wind turbines that power operations such as heavy lift equipment, and an annual reduction of CO2 equaling consumption of over 4,100 households.
Lineage, which calls itself a temperature-controlled industrial real estate investment trust (REIT) and logistics solutions provider (LSP), gained its most recent financial backing in March, following another round of nearly as much—$1.6 billion—in 2020.
We are thrilled to announce that we've reached an agreement to acquire Kloosterboer into the #oneLineage family! We'll add 11 facilities across the Netherlands, France, Germany, Canada & South Africa (+6.4 million cubic meters of capacity). #coldchain https://t.co/wOGtoDDwnv pic.twitter.com/Q6L9Ei7Olo— Lineage Logistics (@OneLineage) June 8, 2021