🧊 Lineage files for IPO

Welcome back to CubeCold News where we cover the latest developments in the cold chain industry and temperature-controlled logistics.

In today’s edition:

  • Lineage Logistics files for IPO

  • UPS deepens China cold chain access

  • Vertical Cold Storage adds 10th facility to network

  • Emergent Cold LatAm inaugurates a warehouse in Callao, Peru

  • Constellation Cold Logistics announces the start of construction in Grimsby

News

Lineage files for IPO Lineage Logistics, a leading cold storage real estate investment trust (REIT), has officially filed for an initial public offering (IPO) targeting a valuation of approximately $30 billion.

  • The Michigan-based company, which operates over 400 temperature-controlled facilities globally, plans to raise around $3 billion. This makes it one of the most anticipated market debuts of 2024.

  • The IPO is expected to occur in 2024, with shares listed on the Nasdaq under the "LINE" ticker.

  • Lineage Logistics has seen substantial growth, expanding its operations in North America, Europe, and Asia.

  • Recently, the company added new facilities in Harnes, France, Houston, Dallas, and Windsor, Colorado, and acquired eight U.S. facilities from Burris Logistics, further enhancing its market position.

  • The IPO will be managed by prominent financial institutions, including Morgan Stanley and Goldman Sachs. (link)

UPS deepens China cold chain access UPS has expanded its cold chain capabilities in China by introducing its UPS Premier service, enhancing the tracking and security of temperature-sensitive healthcare shipments.

  • UPS Premier ensures that critical healthcare products are delivered timely and securely, meeting stringent regulatory requirements and addressing the increasing demand for reliable cold chain solutions

  • This advanced service utilizes a label embedded with a mesh sensor to provide precise real-time location tracking, crucial for the safe delivery of medical devices and medications.

  • The expansion highlights China's growing importance in global logistics and UPS’s commitment to strengthening its healthcare logistics network across 47 countries.

  • This development is expected to improve service quality, reduce transit times, and enhance customer satisfaction. (link)

Vertical Cold Storage adds 10th facility to network Vertical Cold Storage has expanded its network by acquiring a frozen distribution center in Dothan, Alabama, from Dothan Warehouse.

  • The USDA-certified center spans over 109,000 square feet and is equipped with 10 dock doors, specializing in poultry for export.

  • It features high-capacity blast freezing, export services, case picking, cross-docking, and kitting capabilities.

  • The acquisition is set to close in August and aligns with Vertical Cold's strategy to establish a nationwide network of high-performance cold storage warehouses.

  • The facility will be integrated with Vertical Cold’s advanced warehouse management technology and operational best practices to enhance throughput and safety. (link)

Emergent Cold LatAm inaugurates a warehouse in Callao, Peru Emergent Cold LatAm has inaugurated a cutting-edge warehouse in Callao, Peru, marking a major enhancement in its regional storage capabilities.

  • This new facility spans 79,000 cubic meters and can accommodate 12,000 pallets, thereby increasing the company's storage capacity in Peru by 120%.

  • The warehouse is designed to support the local food supply chain, contributing to the generation of 50 direct and 150 indirect jobs.

  • It aligns with high sustainability standards, boasting EDGE Advanced certification for energy and water efficiency.

  • This development follows Emergent Cold LatAm's successful operations in Piura, further solidifying its confidence in the Peruvian market.

  • The new warehouse will play a pivotal role in enhancing the efficiency and reliability of the food supply chain in the region, ensuring better service and support for local businesses. (link)

Constellation Cold Logistics announces the start of construction in Grimsby Constellation Cold Logistics has initiated the construction of a major expansion at its Grimsby facility, set to significantly increase its storage capacity.

  • This project will add 49,000 euro pallet spaces to the existing 17,000, expanding the facility's capacity by 188%.

  • The development, supported by a £5 million grant from the UK Seafood Infrastructure Scheme, aims to enhance the site's energy efficiency by 30% through the installation of a solar array, aligning with the company’s commitment to achieving net zero emissions by 2050.

  • Constellation Cold Logistics, established in 2020 by Arcus Infrastructure Partners, operates 26 large cold storage facilities across seven countries in Western Europe and the Nordics.

  • Constellation recently announced its acquisition by EQT, a global investment organization. The acquisition is expected to close in October 2024.

Other headlines

Why cold chain logistics is a sector to watch.

Wiltshire Farm Foods is investing £14.3 million to buy over 200 new electric refrigerated vans, aiming to convert 75% of its delivery vehicles to electric by 2025.

Cryopak has acquired the Gel-Pack manufacturing segment of Garden State Cold Storage.

Kuehne+Nagel has established a network of eight temperature-controlled, GxP-compliant cross-dock warehouses across the United States to enhance support for the healthcare market.

Lineage Logistics has launched an international innovation challenge to combat food waste by reducing post-harvest losses.

The British Frozen Food Federation has announced an impressive lineup of speakers for their upcoming Technical Conference on September 24, 2024.

Wolfe Research has upgraded Americold Realty Trust (NYSE:COLD) from a "Peer Perform" rating to an "Outperform" rating.

Global cold chain leaders have joined the Move to –15°C initiative to reduce carbon emissions in the frozen food supply chain.

That’s it for today!

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