Lineage Logistics Eyes $30B IPO in 2024

Lineage Logistics LLC, a major player in the cold storage and logistics industry, is aiming for a valuation of more than $30 billion in an initial public offering, reported Bloomberg News.

The IPO may take place as soon as the first half of 2024.

Backed by private equity firm Bay Grove Capital and led by CEO Greg Lekmkuhl, Novi, MI-based, Lineage has over 400 temperature-controlled storage facilities totaling over two billion cubic feet of capacity in North America, Europe and Asia.

Its closest competitor, Americold Realty Trust, operates around 240 facilities with approximately 1.5 billion cubic feet of storage, per the report.

Goldman Sachs Group has been chosen as one of the lead banks, alongside Morgan Stanley, to assist in preparing the offering.

Lineage has raised more than $13 billion of capital to date, according to PitchBook, including two rounds totaling more than $2.4 billion last year and $6.7 billion in equity since the beginning of 2020, as well as a couple of smaller debt issuances.

The company provides end-to-end logistics services such as freight forwarding, customs brokerage, drayage and truck transportation to and from its warehouses.