Lineage Logistics, a warehousing and logistics portfolio company of Bay Grove, has signed a definitive agreement to purchase Millard Refrigerated Services, a national third-party warehousing and logistics company headquartered in Omaha, NE. Financial terms of the transaction were not disclosed.
Lineage Logistics (“Lineage”), a warehousing and logistics portfolio company of Bay Grove, has signed a definitive agreement to purchase Millard Refrigerated Services (“Millard”), a national third-party warehousing and logistics company headquartered in Omaha, NE. With the acquisition of Millard, Lineage will expand its network by 30 strategic locations and increase its footprint to more than 21 million total square feet and more than 518 million cubic feet of cold storage capacity.
The combination of Lineage and Millard will immediately double the size of Lineage’s business and create the second largest refrigerated warehouse network globally, based on data from the International Association of Refrigerated Warehouses. Financial terms of the transaction were not disclosed. The deal is expected to close within the next 30 days.
“Bringing Millard into the Lineage family will give us additional scale to support our growth and increase our investment in innovative technology, logistics offerings and our facilities, while adding talented management to our team. As a result, our customers will have unparalleled geographic and service capabilities in major logistics centers throughout the country with individually-designed solutions to fit their needs,” said Lineage CEO Bill Hendricksen. “Millard’s highly reputable operations and dedicated focus on service makes the company a great fit for Lineage.”
Millard’s CEO and owner, Lance Larsen, will become a Board member of and investor in Lineage. “Lineage’s leadership team is highly experienced and the ideal partner to continue growing Millard’s legacy,” said Larsen. “This is a terrific opportunity for all employees and customers to work with an exceptional company.”
“By acquiring Millard, we are executing on our long-term strategy to grow Lineage by adding a great family-owned company with deep entrepreneurial roots, values and culture,” said Kevin Marchetti, Managing Director of Bay Grove. “The Lineage vision started with the acquisition of one warehouse in 2008 and has now resulted in the combination of two acknowledged leaders in the industry. We are proud of the fact that every former owner supports our vision and has chosen to remain an active investor in Lineage. The Larsen family has built a world class company and we are honored to be the stewards of the business for the future.”
Larry Larsen founded Millard in 1963 to serve the American food industry in the Midwest. Since then, the family-owned and operated company has grown its network to 30 facilities across the United States totaling 228 million cubic feet of
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capacity. In addition to cold storage distribution and warehousing, Millard also
provides customers with a wide variety of value-added food logistics services
including transportation, high pressure processing and food manufacturing.
Marchetti concluded, “With over four billion cubic feet of refrigerated warehousing
in the United States, cold chain storage is the core of our domestic food distribution
infrastructure. With the addition of Millard, Lineage will become a much larger
operator in this growth industry, greatly expanding the number of markets we can
About Lineage Logistics: Lineage Logistics is one of the largest temperaturecontrolled
warehousing and logistics companies in the world. The company was
founded through the combination of premier, temperature-controlled warehousing
companies, some of whose roots date back to the early 1900s. Today, all its
companies are unified with a shared vision of being the leading national supply
chain company serving the nation’s food, retail, agriculture and distribution
About Millard: Millard Refrigerated Services is a leading temperature-controlled
warehousing and logistics company in North America. Millard Refrigerated Services
was founded in 1963, in Omaha, NE. Family owned and operated, the company
serves the U.S. food industry through a network of 30 regional temperaturecontrolled
warehouse and distribution facilities. In addition to cold storage
warehousing and transportation, Millard provides clients with a wide variety of other
value-added services and logistics support. (www.millardref.com)
About Bay Grove: Bay Grove is a principal investment firm dedicated to partnering
with strong management teams to invest in and build long-term platform
investments. Over the last five years, Bay Grove has built Lineage Logistics through
acquisitions and investments completed in partnership with entrepreneurs,
managers and employees. The firm has deep experience in the warehousing and
logistics industry and also seeks to make investments in other attractive sectors.
Bay Grove is based in San Francisco. (