Michigan-based cold storage and logistics solutions giant Lineage Logistics has acquired Canada-based VersaCold Logistics Services, the companies said today. Lineage purchased the business from TorQuest Partners and its co-investment partners, The Investment Management Corporation of Ontario and OPTrust. Terms of the deal were not disclosed.
With headquarters in Vaughan, Ontario, VersaCold runs 24 temperature-controlled facilities across Canada with a total 114 million cubic feet of storage and 361,000 pallet positions. The network includes facilities in Canada’s most populous metropolitan markets, including Toronto, Calgary, Vancouver, Edmonton, and Montreal. The company also offers an integrated, asset-based inbound and outbound temperature-controlled transportation solution that operates out of nine terminals across the country and provides coast-to-coast service capabilities, according to the companies.
The acquisition expands Lineage’s business across Canada and will create more efficient cross-border solutions, the company said.
“Our acquisition of VersaCold represents yet another milestone and an important broadening of our business in Canada,” Lineage Logistics’ President and CEO Greg Lehmkuhl said in a press release Wednesday. “In its 80-plus year history, VersaCold has built a stellar reputation by providing customers with differentiated and fully integrated warehousing and transportation solutions across Canada. We are excited to bring them into the One Lineage family and work alongside the VersaCold leadership team to better serve customers across North America. We also look forward to supporting capacity expansion plans at a number of warehouses across key Canadian markets.”
Lineage Logistics operates 400 facilities, totaling more than 2 billion cubic feet of capacity, in 19 countries across North America, Europe, and Asia Pacific.
The VersaCold acquisition is expected to close in the third quarter of 2022. It follows the company's recent acquisition of MTC Logistics, which added locations along the U.S. East and Gulf Coasts.