Lineage Logistics to Acquire Cryo-Trans
NOVI, MI - Lineage Logistics is continuing its mission to diversify its portfolio of services while expanding its reach across the industry. This time, the cold storage maven has revealed new plans to acquire Cryo-Trans, a leading provider of refrigerated and insulated railcars and rail management solutions.
With this acquisition, Lineage Logistics would be slated to become one of the first temperature-controlled warehousing providers to offer refrigerated and insulated railcar solutions, giving its food and beverage customers a fully integrated supply chain solution.
“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.”
Cryo-Trans currently manages over 40,000 rail shipments annually and owns over 2,200 refrigerated and insulated railcars, one of the largest private fleets in the U.S., according to a press release. In operation since 1985, the company has an expansive portfolio of customers garnered through Cryo-Trans’ ability to develop sustainable, cost-effective long-haul rail transportation solutions, which will now benefit Lineage’s expansion goals as it moves forward.
“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 and 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 a network of more than 330 strategically located facilities, encompassing 2 billion cubic feet of capacity across 15 countries in North America, Europe, Asia, Australia, New Zealand, and South America. Along with its transportation solutions, the acquisition of Cryo-Trans will continue to boost the company’s ability to offer its customers a diversified set of offerings that span across the supply chain.
“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.”
While financial details of the transaction have yet to be disclosed, J.P. Morgan will be acting as financial advisor to Lineage, and Latham & Watkins will be acting as legal advisor.
How will this acquisition benefit Lineage Logistics as it continues to expand? Keep reading AndNowUKnow as we keep you updated.