Lineage Logistics, the temperature-controlled industrial REIT and logistics solutions provider, announced that it has acquired Cryo-Trans, an owner of North America’s largest private fleet of refrigerated and insulated railcars.
Financial terms of the transaction were not disclosed. According to the Bloomberg report, the transaction values Reisterstown MD-based Cryo-Trans at more than $500 million.
Cryo-Trans manages more than 40,000 annual rail shipments and owns over 2,200 refrigerated and insulated railcars.
“Lineage’s acquisition of Cryo-Trans signals our commitment to knowing no bounds when it comes to investing in creative and truly end-to-end solutions for our customers,” said Kevin Marchetti, Co-Founder of Lineage and Bay Grove. “We are proud to continuously lead innovation in our industry, and we look forward to uncovering new opportunities to further streamline our customers’ supply chains.”
“We are honored to bring our rail experience and premium railcars to the world’s leading temperature-controlled logistics company,” said Herman Haksteen, Chief Executive Officer of Cryo-Trans. “Together we will continue to execute on the Cryo-Trans mission of ‘protecting today’s perishables for tomorrow,’ and we are excited to join Lineage in living their purpose to transform the food supply chain by introducing a new, one-of-a-kind end-to-end supply chain solution to the industry.”
“Welcoming the dynamic team from Cryo-Trans further diversifies Lineage’s comprehensive suite of multi-modal services and creates a unique, under-one-roof solution for our customers in which warehousing and transportation are seamlessly integrated,” said Greg Lehmkuhl, Lineage’s President & CEO. “Combining our leading facility footprint, a railcar network and data-driven transportation management systems enables us to further optimize freight, create greater efficiencies, generate unprecedented supply chain visibility and provide a new ease of doing business for our customers.”