Lineage Logistics, LLC (“Lineage”) is the largest cold storage warehousing and logistics company and the largest automated cold storage company globally (by cubic feet and locations). Lineage operates over 300 warehouses representing 1.9bn cubic feet of storage capacity across 12 countries and 29 states. Over 75% of Lineage’s asset base is located in primary distribution markets and dense population centers, with access to some of the busiest ports in the U.S. through the company’s 130+ port warehouses. The expansive nature of Lineage’s footprint, coupled with its diverse suite of offered services, creates a unified system in which customers can store, monitor, and transport their product seamlessly. Lineage therefore acts as a “one-stop shop” for global brands and producers who require access to major markets, differentiating it from its competitors. Lineage is an industry‐leading operator that has demonstrated increased productivity and profitability through automation, investment in employee training, big data analytics, direct integration of customers transport logistics, and advanced customer profitability analysis and revenue management.
Lineage has been in our view the most successful strategic consolidator in a highly fragmented industry, having made 80+ acquisitions representing ~$9.5bn of capital since its formation in 2008 to capture market share of ~8% globally. Additionally, Lineage has developed one of the most sophisticated data‐driven operating platforms in the industry and is well positioned to benefit from the ongoing trend toward increasingly automated operations.