Cold-Storage Giant Lineage Logistics Taps Advisers for IPO

Lineage Logistics LLC, one of the largest real estate investment trusts specializing in temperature-controlled warehouses, has tapped advisers as it prepares for a potential initial public offering, according to people with knowledge of the matter.

(Bloomberg) — Lineage Logistics LLC, one of the largest real estate investment trusts specializing in temperature-controlled warehouses, has tapped advisers as it prepares for a potential initial public offering, according to people with knowledge of the matter.

The cold-storage company, led by Chief Executive Officer Greg Lehmkuhl, is working with banks including Morgan Stanley, said the people, who requested anonymity to discuss confidential information. Timing of a listing hasn’t yet been finalized.

Representatives for Novi, Michigan-based Lineage didn’t immediately respond to requests for comment. Morgan Stanley declined to comment.

In recent years, Lineage, backed by Bay Grove Capital, has raised capital from investors including Oxford Properties Group, BentallGreenOak, Dan Sundheim’s D1 Capital Partners and Stonepeak.

The company in May named Rob Crisci, the former chief financial officer of Roper Technologies Inc., as its CFO. Lineage has been bolstering its governance and last year added Lynn Wentworth — who sits on various public company boards — to its board of directors last year.

Lineage has said it has more than 400 facilities which total over 2 billion cubic feet of capacity in North America, Europe and Asia. Its closest rival, Americold Realty Trust Inc., went public in 2018. The Atlanta-based company, which has a market capitalization of $8.9 billion, owns or operates 242 cold storage facilities which account for about 1.5 billion cubic feet of storage.

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