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Lineage Logistics sells minority stake, to explore REIT conversion
Investors - JULY 18, 2018

Lineage Logistics sells minority stake, to explore REIT conversion

by Andrea Zander

Lineage Logistics, a provider of temperature-controlled transportation and storage services sponsored by Bay Grove Capital, has sold a minority stake for $700 million.

The Novi, Mich.–based company and some of its early investors sold the interest to funds managed by infrastructure-focused New York City–based Stonepeak Partners, New York City–based D1 Capital Partners, Greenwich, Conn.–based Viking Global Investors, and some existing backers.

The company is reportedly exploring a REIT conversion from the sale, but “such a move isn’t imminent,” according to media reports.

Lineage, which was formed in 2012, operates in every U.S. state but Alaska and Hawaii, as well as the United Kingdom, the Netherlands and Belgium. Its 7,000 employees, using automation, process 30 million tons of produce per year. The company’s more than 105 warehouses have combined storage capacity of roughly 800 million cubic feet, following growth at a compound annual rate of roughly 68 percent since 2008, when San Francisco–based Bay Grove first began buying warehouses that eventually were merged into Lineage.

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