The cold storage company is working with banks including Morgan Stanley, sources said. The timing of a listing hasn’t yet been finalised. — Bloomberg
NEW YORK: Lineage Logistics LLC, one of the largest real estate investment trusts specialising 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. The timing of a listing hasn’t yet been finalised.
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.
In May, the company named Rob Crisci, the former chief financial officer (CFO) 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. It said it has more than 400 facilities with over two 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 capitalisation of US$8.9bil, owns or operates 242 cold storage facilities, which account for about 1.5 billion cubic feet of storage.— Bloomberg
