Lineage Logistics, LLC, a Colton, Calif.-based warehousing and logistics company sponsored by Bay Grove Capital LLC, San Francisco, announced the $700 million acquisition of a significant minority ownership interest in the company. The organizations investing in Lineage include funds managed by Stonepeak Partners LP, New York; D1 Capital Partners, New York; and current investors.

As a result, Luke Taylor, Stonepeak’s senior managing director, and James Wyper, principal, will join Lineage’s board of directors.

“From the beginning, Lineage has been focused on reimagining the world’s food supply chain by bringing best-in-class technologies to a vital food infrastructure,” says Greg Lehmkuhl, president and CEO of Lineage. “These investors are sophisticated capital partners that share our positive long-term view of the industry and Lineage, and this investment will provide us with even more opportunities to accelerate our future innovation and growth.”

“We see significant long-term value potential in this industry and specifically at Lineage,” adds Taylor. “Stonepeak has been following the cold storage industry very closely for many years, and we’ve admired the tremendous success Lineage and Bay Grove have had in such a short period of time, growing from a single warehouse in 2008 to more than 100 locations across the world. We are excited to be actively partnering with Lineage and Bay Grove on the next phase of their growth and capital deployment into new facilities.”

“We are proud to have worked together with the Lineage management team to build the fastest-growing temperature-controlled supply chain company and the industry’s foremost innovator,” says Kevin Marchetti, managing partner at Bay Grove. “The impact Lineage has already made is remarkable, and we are excited by the future opportunities to expand and continue to advance the industry.”