Novi’s Lineage Logistics Purchases Canadian Cold Chain Solution Provider

Lineage Logistics in Novi, a global temperature-controlled industrial real estate investment trust (REIT) and logistics solutions provider, today announced it has signed a definitive agreement to acquire VersaCold Logistics Services from TorQuest Partners and its co-investment partners, the Investment Management Corporation of Ontario (IMCO).
50
Novi's Lineage Logistics today acquired VersaCold Logistics Services, a cold chain leader that runs 24 temperature-controlled facilities. // Courtesy of VersaCold Logistics Services
Novi’s Lineage Logistics today acquired VersaCold Logistics Services, a cold chain leader that runs 24 temperature-controlled facilities. // Courtesy of VersaCold Logistics Services

Lineage Logistics in Novi, a global temperature-controlled industrial real estate investment trust (REIT) and logistics solutions provider, today announced it has signed a definitive agreement to acquire VersaCold Logistics Services from TorQuest Partners and its co-investment partners, the Investment Management Corporation of Ontario (IMCO).

Financial terms of the transaction were not disclosed.

Founded in 1941 and headquartered in Vaughan, Ontario, VersaCold is a cold chain leader that runs 24 temperature-controlled facilities comprising 114 million cubic feet of storage and 361,000 pallet positions.

Its network spans nine provinces with properties in Canada’s most populous metropolitan markets — including Toronto, Calgary, Vancouver, Edmonton, and Montreal. VersaCold also offers an integrated, asset-based inbound and outbound temperature-controlled transportation solution that operates out of nine terminals across the country and provides coast-to-coast service capabilities.

“Our acquisition of VersaCold represents yet another milestone and an important broadening of our business in Canada,” says Greg Lehmkuhl, president and CEO of Lineage Logistics. “In its 80-plus year history, VersaCold has built a stellar reputation by providing customers with differentiated and fully integrated warehousing and transportation solutions across Canada.

“We are excited to bring them into the One Lineage family and work alongside the VersaCold leadership team to better serve customers across North America. We also look forward to supporting capacity expansion plans at a number of warehouses across key Canadian markets.”

The acquisition is expected to close in the third quarter of 2022 subject to customary closing conditions.

“We look forward to embarking on this journey with Lineage Logistics. Lineage has emerged as a world leader in creating innovative solutions to help reduce waste across the temperature-controlled supply chain,” says Mike Arcamone, president and CEO of VersaCold.

“Combining our seasoned team and our complementary facility network with Lineage will create an even more dynamic company capable of supporting the growing needs of our customers in Canada and around the globe.”

Wells Fargo Securities acted as the exclusive financial advisor to VersaCold and TorQuest and Stikeman Elliott LLP served as legal counsel. JP Morgan Chase and Scotiabank acted as Lineage’s financial advisors and Latham & Watkins as well as Bennett Jones acted as its legal counsel.

Facebook Comments