Lineage Logistics Announces $1.7 Billion in New Equity to Fuel Supply Chain Innovation and Growth; Greg Lehmkuhl and Adam Forste Discuss
NOVI, MI - Lineage Logistics recently announced a major investment in its technology and innovation prowess. The temperature-controlled industrial REIT and logistics solutions provider revealed it had raised $1.7 billion in equity from new and existing strategic partners.
“This latest round of funding is further validation of our business strategy and will be used to double down on our commitment to offering innovative, end-to-end supply chain solutions for our customers worldwide,” said Greg Lehmkuhl, President and Chief Executive Officer of Lineage Logistics. “As we head into 2022, this new equity gives us even more confidence in our ability to drive future growth opportunities for our business, the industry, and the wider food supply chain.”
Participating investors include BentallGreenOak, CenterSquare Investment Management, Cohen & Steers, D1 Capital Partners, Healthcare of Ontario Pension Plan (HOOPP), NYSTRS, OP Trust, Oxford Properties, QuadReal Property Group, Rabobank, StepStone, and others.
According to the release, the new capital will strengthen Lineage’s balance sheet and will fuel Lineage’s investments in industry-leading technology, including automation and proprietary software tools that help to improve supply chain efficiencies. It will also be used to fund Lineage’s growth through greenfield developments, facility expansions, and investments in clean energy initiatives.
“While Lineage has already achieved significant growth since its founding in 2008, the company remains as committed as ever to its promise of preserving, protecting, and optimizing the distribution of food,” said Adam Forste, Co-Executive Chairman of Lineage and Co-Founder and Managing Partner at Bay Grove, which founded and manages Lineage Logistics. “Lineage’s continued growth and investments in technology and innovation would not be possible without our incredible investors. We are excited to have fresh capital from this latest funding to deploy in our business and create new solutions and capacity for our customers, particularly during this time of significant disruption in global supply chains.”
The equity raise follows Lineage’s latest funding round of $1.9 billion, announced in March 2021. With this latest funding round, the total equity raised since January 2020 accumulates to $6 billion.
Morgan Stanley acted as financial advisors during this round, and Latham Watkins served as legal counsel for Lineage.
Where will we see Lineage Logistics focus with this latest capital backing? AndNowUKnow will report.
