Lineage Logistics Acquires UK Cold Storage, Frozen Food & Logistics Service Provider Yearsley Group
Posted in Acquisitions
NOVI, MI – November 12, 2018 - Lineage Logistics Holdings, LLC (“Lineage” or the “Company”), the world’s most innovative and trusted provider of temperature-controlled supply chain solutions, today announced it has acquired Yearsley Group Limited (“Yearsley”), a leading temperature-controlled logistics service provider and frozen food distributor in the UK. Financial terms of the transaction were not disclosed.
“Yearsley has demonstrated a strong commitment to developing longstanding, bespoke customer relationships that is consistent with how we do business at Lineage. Bringing Yearsley into the Lineage family enables us to better serve customers in the UK market and further reinforces our international logistics capabilities,” said Greg Lehmkuhl, President and Chief Executive Officer of Lineage Logistics.
“Our acquisition by Lineage is a tremendous opportunity for Yearsley customers and employees alike,” said Jonathan Baker, Chief Executive of Yearsley Group. “Lineage’s commitment to innovation and service is unmatched, and we are excited to strengthen our ability to partner and grow with customers on a global scale unlike ever before.”
“We see tremendous alignment between our two organizations, not only in our capabilities to diligently serve customers’ extended supply chains, but also in our dedication to supporting a values-based culture that empowers our growing international workforce,” Lehmkuhl adds. “Together, we are unquestionably the highest-caliber team in the cold storage space, and we are best positioned to creatively solve our customers’ most complex logistics needs.”
In its 66-year history, Yearsley has grown to become one of the most respected temperature-controlled logistics providers in the UK, operating a network of 12 cold stores nationwide. With over 300 vehicles, Yearsley complements its cold storage solutions with high-impact, value-added transportation services, following a similar model to Lineage’s US-based operations. Also included in the transaction is Yearsley Food, a national frozen food supplier that supports customers across retail, food service, food manufacturing and export channels.
Since its founding in 2008, Lineage has evolved through both acquisitions and organic growth. The Company’s acquisition of Yearsley builds on the success of its first international acquisition in 2017 in which Lineage acquired Partner Logistics, a leading automated cold storage provider in Europe.
Rabobank acted as lead financial advisor, Houlihan Lokey acted as financial advisor and Latham & Watkins LLP acted as legal counsel to Lineage Logistics. KPMG Corporate Finance acted as financial advisor and Gateley plc acted as legal counsel to Yearsley Group.