June 2, 2022

Lineage Logistics acquired Turvo Inc., a leading provider of supply chain management, collaboration, and visibility software, per a June 1 announcement. The financial terms of the deal were not disclosed.

The move to acquire Turvo follows an initial investment made by Lineage Ventures and Lineage’s vision for improved supply chain collaboration. Turvo will now become a wholly-owned subsidiary of Lineage under its own brand.

“Lineage’s acquisition of Turvo was a natural extension of our partnership, through which we successfully launched Lineage Link™ last year,” said Adam Forste, Co-Executive Chairman of Lineage and Co-Founder and Managing Partner at Bay Grove, which founded and manages Lineage. “We wholeheartedly believe in Turvo’s mission to increase visibility and synergies within the supply chain, and we see this as an opportunity for additional value creation for both Lineage and Turvo customers. I look forward to leading the new Turvo Board of Directors and working with leadership to advance its roadmap to drive smarter, more sustainable supply chains.”

“Today is an exciting time for Turvo’s employees, customers, and partners,” said Scott Lang, Chairman and CEO of Turvo. “With backing from Lineage and Bay Grove, Turvo will accelerate innovation with much greater reach and scale than ever before, further advancing supply chain digitization globally. Our customers will benefit from greater investments into our vision and our technology.”

Recently, Lineage has made a few acquisitions including a move that will set the course for a notable expansion in Singapore. The company bought Mandai Link Logistics in May, as SeafoodNews covered. Mandai was described as a market leader in the country and establishes Lineage’s footprint in the market.

Lineage also acquired 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 in April.

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.

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