April 13, 2022

Lineage Logistics announced the acquisition of VersaCold Logistics Services, a Canadian cold chain solution provider from TorQuest Partners (“TorQuest”) and its co-investment partners, The Investment Management Corporation of Ontario (“IMCO”) and OPTrust on April 13.

VersaCold was founded in 1941 and has grown to run 24 temperature-controlled facilities comprising 114 million cubic feet of storage and 361,000 pallet positions. Its network spans nine provinces and features facilities in some of the key metropolitan markets in the country.

“Our acquisition of VersaCold represents yet another milestone and an important broadening of our business in Canada,” said Greg Lehmkuhl, President and CEO of Lineage Logistics. “In its 80-plus year history, VersaCold has built a stellar reputation by providing customers with differentiated and fully integrated warehousing and transportation solutions across Canada. We are excited to bring them into the One Lineage family and work alongside the VersaCold leadership team to better serve customers across North America. We also look forward to supporting capacity expansion plans at a number of warehouses across key Canadian markets.”

VersaCold also offers an integrated, asset-based inbound and outbound temperature-controlled transportation solution that operates out of nine terminals across the country and provides coast-to-coast service capabilities, Lineage Logistics explained.

"We look forward to embarking on this journey with Lineage Logistics,” said Mike Arcamone, President and CEO of VersaCold Logistics Services. “Lineage has emerged as a world leader in creating innovative solutions to help reduce waste across the temperature-controlled supply chain. Combining our seasoned team and our complementary facility network with Lineage will create an even more dynamic company capable of supporting the growing needs of our customers in Canada and around the globe.”

The financial terms of the deal were not disclosed by Lineage, per a press release. The move is expected to close in the third quarter of 2022 and is subject to customary closing conditions.

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 Scotia Bank acted as Lineage’s financial advisors and Latham & Watkins, as well as Bennett Jones, acted as its legal counsel, per the press release.

Ryan Doyle
Urner Barry
1-732-240-5330
rdoyle@urnerbarry.com