Lineage Logistics Acquires Castle & Cooke Cold Storage
Lineage Logistics, a warehousing and logistics company sponsored by San Francisco-based Bay Grove Capital LLC, acquired Castle & Cooke Cold Storage (CCCS), a third-party warehousing logistics company headquartered in Colton, Calif., 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, making it the third largest refrigerated warehouse company in North America, based on data from the International Association of Refrigerated Warehouses, Alexandria, Va.
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,” says 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 across California, Illinois, Maryland, Missouri, Georgia and Texas. The company provides cold and dry storage for a wide range of customers, including food and non-food producers, distributors and retailers. In addition, CCCS’s asset-light transportation logistics business provides nationwide solutions for product movement.
CCCS’s CEO Bill Hendricksen and president Paul Hendricksen will become Lineage’s chief executive officer and chief operating officer, respectively. The Hendricksens and Murdock also will continue as equity investors in Lineage.