Lineage Logistics, LLC (Lineage), an innovative temperature-controlled industrial REITs and logistics solutions providers, announced it has closed the acquisition of VersaCold Logistics Services (VersaCold). The acquisition was first announced on April 13, 2022. VersaCold Logistics Services is a cold chain solution provider in Canada that operates 24 temperature-controlled facilities spanning 114 million cubic feet of capacity across nine provinces.
What does VersaCold bring to Lineage’s portfolio?
Its strategically-positioned network includes properties in Canada’s most populous metropolitan markets like Toronto, Calgary, Vancouver, Edmonton and Montreal. VersaCold also runs an asset-based inbound and outbound transportation business out of nine terminals across the country, providing customers an integrated, coast-to-coast logistics solution.
“Welcoming VersaCold into the 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 CEO, 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,” Lehmkuhl further commented.
Wells Fargo Securities, LLC was the exclusive financial advisor to VersaCold and TorQuest and Stikeman Elliott LLP served as legal counsel. JP Morgan Chase and Scotiabank was Lineage’s financial advisors and Latham & Watkins as well as Bennett Jones acted as its legal counsel.