Lineage Logistics LLC has closed a deal to acquire rival Preferred Freezer Services LLC.
The combined company now features the largest temperature-controlled facility network globally with over 1.3 billion cubic feet and 37 million square feet of capacity across more than 200 facilities spanning North America, Europe and Asia to support customer supply chain needs worldwide. The deal was first announced on Feb. 25. Novi-based Lineage paid more than $1 billion for Preferred, according to the Wall Street Journal, uniting two of the refrigerated storage industry’s largest companies.
Bay Grove LLC was the principal investment firm backing Lineage in the deal to acquire the Chatham, New Jersey-based company.
“Since founding Lineage in 2008, we have been focused on strategically growing the business to meet expanding customer needs,” Bay Grove Founder and Managing Partner Kevin Marchetti said in a statement. “The close of this transaction unlocks an entirely new set of opportunities as we look to build upon our industry-leading position with additional capital deployment in technological advancements and new projects.”