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August 3, 2022

Lineage Logistics acquires VersaCold Logistics Services from TorQuest

NOVI, Mich. — Lineage Logistics, LLC (“Lineage” or the Company”), one of the world’s leading and most innovative temperature-controlled industrial REITs and logistics solutions providers, today announced it has closed the acquisition of VersaCold Logistics Services (“VersaCold”).

VersaCold is a leading cold chain solution provider in Canada that operates 24 temperature-controlled facilities spanning 114 million cubic feet of capacity across nine provinces. Its strategically-positioned network includes properties in Canada’s most populous metropolitan markets – including Toronto, Calgary, Vancouver, Edmonton and Montréal.

In December 2020, TorQuest Partners, in partnership with The Investment Management Corporation of Ontario (IMCO) and OPTrust, acquired VersaCold Logistics Services from KingSett Capital and Ivanhoe Cambridge. VersaCold’s management team led by CEO Mike Arcamone invested alongside the new investors.

VersaCold was the first platform investment by TorQuest Partners Fund V, a $1.375 billion fund that closed in March 2020.

The acquisition was first announced on April 13, 2022.

VersaCold is a leading cold chain solution provider in Canada that operates 24 temperature-controlled facilities spanning 114 million cubic feet of capacity across nine provinces. Its strategically-positioned network includes properties in Canada’s most populous metropolitan markets – including Toronto, Calgary, Vancouver, Edmonton and Montréal. VersaCold also runs an asset-based inbound and outbound transportation business out of nine terminals across the country, providing customers an integrated, coast-to-coast logistics solution.

Welcoming VersaCold into the One Lineage family extends our Company’s reach in Canada and creates exciting opportunities to provide more efficient cross-border solutions for customers in North America and beyond,” said Greg Lehmkuhl, President and CEO of Lineage Logistics. The combination of our complementary facility networks, our differentiated and fully integrated transportation offerings and our world-class teams creates an even more dynamic global organization – one that is committed to our purpose of transforming the food supply chain to eliminate waste and help feed the world.”

Wells Fargo Securities, LLC acted as the exclusive financial advisor to VersaCold and TorQuest and Stikeman Elliott LLP served as legal counsel. JP Morgan Chase and Scotiabank acted as Lineage’s financial advisors and Latham & Watkins as well as Bennett Jones acted as its legal counsel.

About Lineage Logistics

Lineage Logistics is one of the world’s leading temperature-controlled industrial REITs and logistics solutions providers. It has a global network of over 400 strategically located facilities totaling over 2 billion cubic feet of capacity which spans 20 countries across North America, Europe and Asia-Pacific. Lineage’s industry-leading expertise in end-to-end logistical solutions, its real estate network, and development and deployment of innovative technology help increase distribution efficiency, advance sustainability, minimize supply chain waste, and most importantly, as a Visionary Partner of Feeding America, help feed the world. In recognition of the company’s leading innovations and sustainability initiatives, Lineage was a 2022 U.S. Best Managed Company, No. 3 in the 2022 CNBC Disruptor 50 list, No. 17 in the 2021 CNBC Disruptor 50 list, the No 1. Data Science company, and 23rd overall, on Fast Company’s 2019 list of The World’s Most Innovative Companies, in addition to being included on Fortune’s Change The World list in 2020. www​.lin​eagel​o​gis​tics​.com.

About VersaCold Logistics Services

VersaCold is one of Canada’s leading supply chain solutions companies focused exclusively on the handling of temperature sensitive food products. VersaCold delivers a suite of fully integrated logistics services through its national network of industry leading facilities, transportation fleet and advanced technologies that set the benchmark for accessibility, information visualization, real-time tracking and inventory management. VersaCold is proud to play a key role in ensuring the safety, quality and freshness of some of North America’s most beloved food brands, protecting the health and wellness of families across Canada from coast to coast. For more information about VersaCold, please visit www​.ver​sacold​.com.