Lineage Logistics, one of the largest cold storage and logistics companies in the world, is reportedly considering an initial public offering (IPO) with a valuation of more than USD 30 billion (EUR 27.8 billion).
Novi, Michigan, U.S.A.-based Lineage has hired Goldman Sachs Group to work alongside Morgan Stanley as a lead bank to prepare it for the IPO, Bloomberg reported, citing anonymous sources. Bloomberg first reported Lineage was considering an IPO in September 2023.
The exact timing of the IPO is still to be decided, and neither Lineage nor the banks involved responded to Bloomberg's request for additional information. SeafoodSource has also requested comment from Lineage, Goldman Sachs, and Morgan Stanley but has not received a response.
Lineage Logistics has in recent years embarked on a series of acquisitions throughout the European Union since its entrance into the market in 2017, Lineage Logistics Vice President of Business Development Europe Edwin Wentink told SeafoodSource during Seafood Expo Global in April. At the time, the company had 75 storage locations in 10 countries in Europe, including a recently opened expansion in Denmark’s largest container port.
Since then, Lineage has continued to expand its cold-storage network globally. In October 2023, the company acquired the assets of Burris Logistics, consisting of eight facilities across the eastern and western U.S., with facilities in Lakeland, Florida; Jacksonville, Florida; McDonough, Georgia; Edmond, Oklahoma; New Castle, Delaware; Waukesha, Wisconsin; and Federalsburg, Maryland.
Also in October, the company said it will be adding a facility in Lancaster, Texas, near Dallas, bringing its total footprint in Texas to 20 facilities spanning 192 million cubic feet of capacity.
“We're proud to announce the opening of our Lancaster site, an exciting new addition to our state-of-the-art network of facilities in the state of Texas,” Lineage North America West Operations President Brian Beattie said in a release.
In November, the company announced an expansion in Europe with a new facility in Harnes, France with a footprint of 17,000 square meters. Just over a week later, it announced another expansion, this time in Canada, with the groundbreaking of a location in Calgary that added 30 percent more onsite capacity.
On 23 November, Lineage opened a new facility in Warsaw, Poland, that now serves as the firm's Central Eastern European headquarters.
“The opening of the new Warsaw office marks a significant commitment to Central Eastern Europe, and surrounding regions,” Lineage Europe President Harld Peters said in a release.
In early December, Lineage opened a new facility in Tauranga, New Zealand, containing more than 3 million cubic feet of space.
“With our new facility less than 20 kilometers from one of the country’s largest ports, we are well-positioned to continue delivering excellence in supply chain solutions and serve our customers in the region,” Lineage Regional Vice President for New Zealand Guy Moniz said in a press release.
Lineage now has more than 400 temperature-controlled facilities across North America, Europe, and Asia, with more than 2 billion cubic feet of capacity.
Image courtesy of Lineage Logistics
