Euro Zone financial news

Lineage Logistics acquires meals storage firm in Europe

Lineage Logistics LLC has acquired a big temperature-controlled meals storage firm primarily based in Rotterdam, Netherlands, which can be house to the freight firm it acquired earlier this month.

The Kloosterboer Group is the most recent addition to Novi-based Lineage’s rising portfolio in Europe. The corporate simply entered the continent’s freight trade with the acquisition of UTI Forwarding.

Kloosterboer provides Lineage 11 storage amenities within the Netherlands, France, Germany, Canada and South Africa staffed with greater than 900 staff and able to storing 650,000 tons of products, in accordance with a Tuesday information launch. The corporate shops and transports temperature-controlled meals merchandise.

Lineage additionally takes over the Kloosterboer Group’s community of sustainable storage infrastructure, together with 18,000 photo voltaic panels and 4 wind generators that assist energy some facility operations, corresponding to heavy elevate tools.

Monetary phrases of the transaction weren’t disclosed. The transaction is topic to regulatory clearance and completion of the worker session course of.

The Kloosterboer household, which began the corporate in 1925, invested an undisclosed sum in Lineage by rolling a part of their sale proceeds into firm fairness.

“Welcoming Kloosterboer into the Lineage household marks a monumental step towards attaining our imaginative and prescient to change into the world’s most dynamic temperature-controlled logistics firm with the potential to serve clients in numerous nations world wide,” Mike McClendon, Lineage’s president of Worldwide Operations and government vp of Community Optimization, mentioned within the launch.

Nielen Schuman acted as monetary adviser to the Kloosterboer household and De Brauw Blackstone Westbroek served as its authorized counsel. Rabobank acted as Lineage’s monetary adviser and Latham & Watkins and Nauta Dutilh served as its authorized counsel.

The deal continues a sizzling streak of acquisitions for chilly storage big Lineage, which is valued at $15.5 billion and regarded the biggest temperature-controlled storage and logistics agency on this planet. It made 39 acquisitions final 12 months alone.

Since personal fairness agency Bay Grove Capital LLC took over in 2008, Lineage has launched into an aggressive “purchase and construct” enlargement technique. It moved Lineage’s headquarters from California to Novi in 2017.

The corporate operates greater than 350 temperature-controlled warehouses throughout 15 nations and employs greater than 17,000 folks, together with 235 in metro Detroit.

Editor’s observe: The unique model of this story misstated the variety of Kloosterboer storage amenities. This model is right.

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