Morgan Stanley & Co. LLC acted as financial advisor to Lineage in this transaction, and Latham & Watkins LLP served as legal advisor to Bay Grove and Lineage. UBS Investment Bank acted as financial advisor to Preferred, with Ropes & Gray LLP serving as legal advisor.
Lineage Logistics, the world’s most innovative and trusted provider of temperature-controlled logistics solutions, has signed a definitive agreement to acquire Preferred Freezer Services (“Preferred”), a global network of state-of-the-art, temperature-controlled warehouses. This transaction marks a significant milestone for the temperature-controlled logistics industry. Customers will now be able to benefit from the complementary capabilities of two of the industry’s most innovative companies. Together the companies hope to set a new standard for global reach and technological advancements for their customers. Financial terms of the transaction were not disclosed.
Following the closing, the combined company will feature over 1.3 billion cubic feet of temperature-controlled capacity across over 200 facilities, with a global footprint that spans North America, Europe and Asia. At present, Lineage and Preferred have highly complementary real estate and customer bases, making their combination a strategic expansion into new markets and new service offerings.
The Ropes & Gray team was led by special situations partner Robb Tretter (Picture), private equity partner Charles Boer, tax partner Amanda Holt, benefits partner Alexandra Alperovich, litigation & enforcement partner Michael McFalls and private equity associate Daniel Cowan.
Involved fees earner: Alexandra Alperovich – Ropes & Gray; Charles Boer – Ropes & Gray; Daniel Cowan – Ropes & Gray; Amanda Holt – Ropes & Gray; Michael McFalls – Ropes & Gray; Robb Tretter – Ropes & Gray;
Law Firms: Ropes & Gray;
Clients: Preferred Freezer Services;