Novi’s Lineage Logistics Raises $1.7B in Equity to Support Growth

Lineage Logistics, a temperature-controlled real estate investment trust (REIT) and logistics solution provider based in Novi, today announced it has raised $1.7 billion in equity from new and existing strategic partners.
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Novi's Lineage Logistics announced today it has raised $1.7 billion in equity from new and existing strategic partners. // Courtesy of Lineage Logistics
Novi’s Lineage Logistics announced today it has raised $1.7 billion in equity from new and existing strategic partners. // Courtesy of Lineage Logistics

Lineage Logistics, a temperature-controlled real estate investment trust (REIT) and logistics solution provider based in Novi, today announced it has raised $1.7 billion in equity from new and existing strategic partners.

Investors that participated include BentallGreenOak, CenterSquare Investment Management, Cohen and Steers, D1 Capital Partners, Healthcare of Ontario Pension Plan, NYSTRS, OP Trust, Oxford Properties, QuadReal Property Group, Rabobank, StepStone, and others.

“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,” says Greg Lehmkuhl, president and CEO of Lineage. “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.”

The equity raise follows Lineage’s latest funding round of $1.9 billion, announced in March of last year. It brings the total equity raised since January 2020 to $6 billion. Lineage says the equity will strengthen its balance sheet and fuel investments in industry-leading technology. 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,” says 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.”

Lineage has a global network of over 400 strategically located facilities totaling over 2 billion cubic feet of capacity which spans 19 countries across North America, Europe and Asia-Pacific.

Morgan Stanley acted as financial advisors, and Latham Watkins served as legal counsel for Lineage.

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