Lineage Logistics, based in Novi, Mich., is the world's leading provider in innovative temperature-controlled industrial REIT and logistics solutions. This month, the company announced it raised $1.7 billion in equity. Participating investors include BentallGreenOak, CenterSquare Investment Management, Cohen & Steers, D1 Capital Partners, Healthcare of Ontario Pension Plan (HOOPP), NYSTRS, OP Trust, Oxford Properties, QuadReal Property Group, Rabobank, StepStone, and others.
Founded in 2008, Lineage is on a mission to promote food safety, increase distribution efficiency, advance sustainability, lessen environmental impact, and minimize supply chain waste. The new funding follows Lineage's latest round of $1.9 billion, announced in March 2021. Since January 2020, the company has now raised $6 billion.
“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,” Greg Lehmkuhl, President and CEO of Lineage, said in a press release. “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 new capital will help support Lineage as it develops industry-leading technology, including automation and proprietary software tools that help to improve supply chain efficiencies. The funding will also be used to support Lineage's growth in sustainability and 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,” said 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," Adam said.
As we start a new year, still in the midst of a pandemic that disrupted supply chains all over the world, Lineage is leading the way in supply chain innovation and growth.