Lineage Logistics, a warehousing and logistics company and a portfolio company of Bay Grove Capital, today announced that it has acquired Castle & Cooke Cold Storage, a third-party warehousing logistics company, from Castle & Cooke.
Castle & Cooke Cold Storage (“CCCS”) operates 24 facilities totaling 112 million cubic feet located across California, Illinois, Maryland, Missouri, Georgia and Texas. The company provides cold and dry storage for a range of customers, including food and non-food producers, distributors and retailers. In addition, CCCS’s asset-light transportation logistics business provides nationwide services for product movement. The company is based in Colton, CA (www.castlecookecold.com).
CCCS’s CEO Bill Hendricksen and President Paul Hendricksen will become Lineage’s CEO and COO, respectively. “The combination of Lineage and CCCS creates a first-class franchise with significant scale, services and expertise to better serve all of our customers from coast to coast,” said Bill Hendricksen. “We are excited to join the Lineage team and to add to Lineage’s strong momentum.”
Bay Grove Capital formed Lineage Logistics in 2011 through the combination of Richmond Cold Storage, Terminal Freezers, Flint River Services, CityIce, and Seafreeze. With the acquisition of CCCS, Lineage increases its footprint to 12 million square feet and 240 million cubic feet of capacity, making it the third largest refrigerated warehouse company in North America, based on data from the International Association of Refrigerated Warehouses. The company is based in San Francisco, CA (www.lineagelogistics.com).
“Lineage combines a deep heritage of customer-centric and entrepreneurial values with significant financial resources provided by committed, long-term investors,” said Kevin Marchetti, Managing Director of Bay Grove. “This is a transformative deal that will double Lineage’s size, expand its capabilities and strengthen its customer-first culture. The acquisition firmly establishes Lineage as a leading logistics partner for customers nationwide.”
Bay Grove Capital invests from $5 million to $100 million in U.S.-based companies valued from $20 million to $500 million. Sectors of interest include cold storage/distribution/logistics; business services; consumer/retail; energy/power; dental and health care services; banking; media/entertainment; and manufacturing. The firm is based in San Francisco, CA (www.baygrovecapital.com).