purchases Castle &
Cooke Cold Storage
Jul 12, 2012 10:45 AM
Lineage Logistics, a warehousing and logistics company sponsored by Bay Grove Capital LLC, has acquired Castle & Cooke Cold Storage (CCCS), a third-party warehousing logistics company headquartered in Colton CA, from Castle & Cooke Inc.
With the acquisition of CCCS, Lineage increases its footprint to 12 million square feet and 240 million cubic feet of capacity. This makes it the third-largest refrigerated warehouse company in North America, based on data from the International Association of Refrigerated Warehouses. Financial terms of the transaction were not disclosed.
“Lineage combines a deep heritage of customer-centric and entrepreneurial values with significant financial resources provided by committed, long-term investors,” said Kevin Marchetti, managing director of Bay Grove. “This is a transformative deal that will double Lineage’s size, expand its capabilities, and strengthen its customer-first culture. The acquisition firmly establishes Lineage as a leading logistics partner for customers nationwide.”
CCCS, previously owned by investor David Murdock and chief executive officer Bill Hendricksen, operates 24 facilities totaling 112 million cubic feet located in California, Illinois, Maryland, Missouri, Georgia, and Texas. The company provides cold and dry storage for customers including food and non-food producers, distributors, and retailers. In addition, CCCS’s asset-light transportation logistics business provides nationwide systems for product movement.
Bill Hendricksen and Paul Hendricksen, who is CCCS president, will become Lineage’s CEO and chief operating officer, respectively. The Hendricksens and Murdock also will continue as meaningful equity investors in Lineage.
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