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Lineage Logistics LLC, a cold chain logistics real estate investment trust, said Wednesday that it has acquired Canadian cold chain warehouse and transport company VersaCold Logistics Services for an undisclosed sum.
The transaction, which is expected to close in the third quarter, will roughly quintuple Novi, Michigan-based Lineage's presence in Canada. Currently, Lineage operates six temperature-controlled facilities in the country. Ontario-based VersaCold, by contrast, operates 24 facilities in nine provinces with 114 million cubic feet of capacity.
In addition, VersaCold provides transport services out of nine terminals across Canada. It has been in business since 1941.
VersaCold is owned by investment firms TorQuest Partners, the Investment Management Corporation of Ontario, and OPTrust.
Lineage operates 400 facilities in 19 countries spanning three continents.
Image credit: FreightWaves
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