January 05, 2021
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 )
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 )