Lineage Logistics acquired Cryo-Trans, a North American provider of refrigerated and insulated railcars and rail management solutions. This partnership creates an integrated supply chain solution for food and beverage customers. Financial terms of the transaction were not disclosed.
Cryo-Trans manages more than 40,000 annual rail shipments and owns more than 2,200 refrigerated and insulated railcars. Since designing its first temperature-controlled railcar in 1985, Cryo-Trans has partnered with its customers to develop long-haul rail transportation solutions. Cryo-Trans also has leveraged its proprietary rail management programs to become a rail management partner, providing real-time information and visibility to track, trace and expedite railcar shipments in North America.
“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,” Kevin Marchetti, co-founder of Lineage and Bay Grove, said. “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.”
“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,” Greg Lehmkuhl, president and CEO of Lineage, said. “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 temperature-controlled warehouses and has more than 330 facilities that offer nearly 2 billion cubic feet of capacity spanning 15 countries across North America, Europe, Asia, Australia, New Zealand and South America. Lineage also offers transportation solutions, including less-than-truckload (LTL) consolidation, managed transportation, on-demand transport, port logistics, customs brokerage, import/export, drayage, last-mile delivery and related value-added services.
“We are honored to bring our rail experience and premium railcars to the world’s leading temperature-controlled logistics company,” Herman Haksteen, CEO of Cryo-Trans, said. “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.”
J.P. Morgan is acting as a financial advisor to Lineage. Latham & Watkins is acting as a legal advisor to Lineage.
DLA Piper is acting as legal advisor to Cryo-Trans.
Lineage is a temperature-controlled industrial REIT and logistics solutions provider. Since 2008, principal investment firm Bay Grove has built Lineage through acquisitions.
Like this story? Begin each business day with news you need to know! Register now for FREE Daily E-News Broadcast and start YOUR day informed!