Bay Grove-Backed Lineage Logistics Eyes $30bn IPO

Temperature-controlled storage and logistics provider Lineage Logistics has been reported to be pursuing a more than $30bn initial public offering for next year.

Backed by private equity firm Bay Grove, Novi, Michigan-based Lineage is the largest cold storage real estate investment trust in the world. The company has amassed a portfolio of more than 400 facilities and 2.5 billion cubic feet of space across North America, Europe and the Asia-Pacific since 2008.

Lineage provides end-to-end logistics services like freight forwarding, customs brokerage, drayage and truck transportation to and from its warehouses.

Lineage has raised more than $13bn of capital to date, according to PitchBook. Two rounds totalled more than $2.4bn last year. The company has raised $6.7bn in equity since the beginning of 2020 to go along with a couple of smaller debt issuances over that period.

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The Tuesday report from Bloomberg said Lineage has tapped Morgan Stanley and Goldman Sachs as lead underwriters on the deal.

The largest public comp for Lineage is Americold Realty Trust, which carries a market cap of $8bn. That company went public in early 2018.

Source: Yahoo! Finance

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