The universe said, “One acquisition?” and Lineage Logistics said, “How about three?” The company is continuing to build its portfolio of temperature-controlled industrial REITs and logistics solutions by acquiring Grupo Fuentes, Cold Storage Nelson Limited (CSN), and VersaCold Logistics Services.
“Welcoming VersaCold into the One Lineage family extends our company’s reach in Canada and creates exciting opportunities to provide more efficient cross-border solutions for customers in North America and beyond,” said Greg Lehmkuhl, President and Chief Executive Officer of Lineage Logistics. “The combination of our complementary facility networks, our differentiated and fully integrated transportation offerings, and our world-class teams creates an even more dynamic global organization—one that is committed to our purpose of transforming the food supply chain to eliminate waste and help feed the world.”
VersaCold is the latest cold chain solutions provider to join Lineage’s portfolio, bringing a network of 24 temperature-controlled facilities spanning 114 million cubic feet of capacity across nine Canadian provinces. The company provides an integrated, coast-to-coast logistics solution by running an asset-based inbound and outbound transportation business out of nine terminals across the country.
Also recently acquired by Lineage, Grupo Fuentes operates a fleet comprising over 500 vehicles and trailers, six logistics centers, a cold storage warehouse, and services supporting those facilities, according to a press release.
“Spain is a major food producer in Europe, and our expanded presence there through the acquisition of Grupo Fuentes will allow us to manage a strategic connection between Southern Europe and Northern Europe, where Lineage has a strong existing footprint,” Harld Peters, President of Europe, said. “Grupo Fuentes will accelerate our ongoing expansion into transport services, which will enable us to deliver end-to-end solutions for our customers throughout the Lineage network and Europe broadly.”
Lineage also revealed its acquisition of CSN, allowing the company to now have integrated assets in Auckland, Tauranga, Hawkes Bay, Nelson, Christchurch, Timaru, and Dunedin.
“CSN has industry-leading skills in inventory control, compliance, and traceability,” Jeff Rivera, Global Chief Operations Officer, said. “CSN’s facilities, combined with our industry-leading technology and innovation, will assist New Zealand customers to navigate increasing supply chain demands in New Zealand and internationally. We look forward to working closely with CSN’s customers on these new opportunities.”
More is sure to come from this innovator, so keep an eye out for DMN’s latest reports.