“Our latest equity raise shows the confidence our investors have in Lineage’s business model and our demonstrated ability to meet demand globally in the face of macro-economic headwinds, inflationary pressures and capital markets volatility,” said Greg Lehmkuhl, President and CEO of Lineage. “We believe we have an especially important responsibility to continue investing in new warehouse capacity in critical locations to not only help reduce waste and congestion in the global food supply chain but also to help our customers grow.”
The new capital will support the completion of a global pipeline of more than 20 in-flight greenfield and expansion projects totaling over $1.25 billion as well as two new, fully automated U.S. superhub projects in core Southern Californian and Northeastern distribution markets. In total, these projects represent over 700,000 new pallet positions and a 7% increase in Lineage’s global capacity. Additional projects are underway to help support the growing customization of producer and retailer supply chains and create capacity in congested domestic and international markets.
“In addition to new construction, this latest round of funding will further our global investments in solar capacity with a plan to increase our on-site solar installations by over 50% in the coming year,” said Adam Forste, Co-Executive Chairman of Lineage and Co-Founder and Managing Partner at Bay Grove, which founded and manages Lineage Logistics. “We have been and continue to be deeply committed to decarbonizing across the Lineage platform, and we will continue to invest in conventional and unconventional initiatives to reduce our resource consumption, especially in light of recent volatility in global energy markets.”
The equity raise follows Lineage’s latest funding round of $1.7 billion, announced in January 2022. The latest funding brings the total equity raised since January 2020 to $6.7 billion.
About Lineage Logistics
Lineage Logistics is the world’s largest temperature-controlled industrial REIT and logistics solutions provider. It has a global network of over 400 strategically located facilities totaling over 2 billion cubic feet of capacity, which spans 20 countries across North America, Europe, and Asia-Pacific. Lineage’s industry-leading expertise in end-to-end logistical solutions, its unrivaled real estate network and the development and deployment of innovative technology help increase distribution efficiency, advance sustainability, minimize supply chain waste, and, most importantly, as a Visionary Partner of Feeding America, help feed the world. In recognition of the company’s leading innovations and sustainability initiatives, Lineage was a 2022 U.S. Best Managed Company, No. 3 in the 2022 CNBC Disruptor 50 list, No. 17 in the 2021 CNBC Disruptor 50 list, the No 1. Data Science company, and 23rd overall, on Fast Company’s 2019 list of The World’s Most Innovative Companies, in addition to being included on Fortune’s Change The World list in 2020. (www.lineagelogistics.com)
About Bay Grove
Bay Grove is a principal investment firm dedicated to partnering with strong management teams to invest in and build long-term platform investments. Since 2008, Bay Grove has built Lineage Logistics through acquisitions and investments completed in partnership with entrepreneurs, customers and employees. The firm has deep experience in the warehousing and logistics industry and also seeks to make investments in other attractive sectors. Bay Grove is based in San Francisco. (www.bay-grove.com)