Lineage Logistics has closed on its acquisition of Rotterdam-based UTI Forwarding in a deal marking the Novi-based food storage giant's entry into the European freight industry.
Lineage, which operates a massive global network of temperature-controlled warehouses, announced the deal's completion Tuesday. Terms were not disclosed.
"Together with UTI we will create even greater opportunities to provide end-to-end supply chain offerings for our shared customers," Mike McClendon, president of international operations and executive vice president of network optimization at Lineage, said in a news release.
The deal, first announced in April, allows Lineage to ship refrigerated foods across Europe from its various warehouses on the continent. UTI specializes in the importing and exporting of refrigerated goods in Europe and is among the largest freight forwarding companies in the Netherlands.
The deal expands Lineage's dominance in food distribution supply chain services and fuels a seemingly endless appetite for acquisitions. It made 39 acquisitions last year. The company has enjoyed a boom in business as the COVID-19 pandemic drove people away from restaurants and into grocery stores – the destination for most of its shipments.
Lineage raised $1.9 billion from new and existing investors in March and is valued at $15.5 billion, Crain's reported.
Lineage grew from a single warehouse to the world's largest temperature-controlled storage company through the aggressive "buy and build" expansion strategy of Bay Grove Capital LLC, which took over in 2008 and moved Lineage's headquarters from California to Novi in 2017.
Lineage operates more than 340 temperature-controlled warehouses across 15 countries and employs 16,500 people.
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Lineage Logistics closes deal to enter European freight industry - Crain's Detroit Business
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