Cold storage giant Lineage Logistics LLC has acquired the supply chain management software vendor Turvo Inc., saying the move was part of its strategy to invest in technologies capable of transforming the global food supply chain.
The acquisition marks an extension of a long-standing partnership between the two firms, including a previous investment in Turvo by Lineage Ventures, the Novi, Michigan-based company’s investment arm.
Terms of the deal were not disclosed, but Lineage said Turvo will continue to operate independently under its own brand, leadership and board of directors following acquisition.
“Lineage’s acquisition of Turvo was a natural extension of our partnership, through which we successfully launched Lineage Link last year,” Adam Forste, co-executive chairman of Lineage and co-founder and managing partner at Bay Grove, which founded and manages Lineage, said in a release. “We wholeheartedly believe in Turvo’s mission to increase visibility and synergies within the supply chain, and we see this as an opportunity for additional value creation for both Lineage and Turvo customers”
With Lineage’s backing, Turvo will continue to focus on its customers, accelerate innovation in its technology offering and expand into new and adjacent markets under its own brand as a wholly owned subsidiary of Lineage, the firms said.
“The acquisition comes amid a spike in demand for transportation and warehousing and at a time in which the supply chain faces unprecedented challenges,” Sudarsan Thattai, Lineage’s CIO & chief transformation officer, said in a release. “In joining forces with Turvo, we have a unique opportunity to alleviate the impact of those challenges for customers. Driver shortages and port congestion, for instance, are addressable by decreasing the number of trucks or containers required to deliver a product from farm to fork. Turvo’s platform matches customers to truck, rail or container assets that would otherwise be underutilized.”
