Lineage Logistics Acquires MTC Logistics
The acquisition adds four cold storage facilities along the US East and Gulf Coasts, including nearly 38M cubic feet and over 113,000 pallet positions.
Temperature-controlled industrial REIT Lineage Logistics has acquired cold-chain provider MTC Logistics.
MTC has four locations on or near the ports of Baltimore, Wilmington, Del.; and Mobile, Ala.
Financial terms of the transactions were not disclosed.
Through the acquisition of these facilities, Lineage will add nearly 38 million cubic feet of capacity and over 113,000 pallet positions in the United States. These facilities also add to Lineage’s existing footprint of more than 400 facilities totaling over 2 billion cubic feet of capacity across 19 countries.
With cold storage warehouse space in the US jammed to capacity from coast to coast, the pace of temperature-controlled industrial warehouse acquisitions, expansions and new facilities will accelerate in 2022.
It’s a sector that, as one example, has drawn interest from Sam Zell, whose private investment firm, Equity Group Investments, invested in East Coast Warehouse, a provider of temperature-controlled logistics to the food and beverage industry.
MTC Previously Privately Held
MTC Logistics, was a wholly owned subsidiary of Hoffberger Holdings, a diversified privately held investment company of the Hoffberger family of Baltimore. MTC provides warehousing services including blast freezing, import/export services, case selection, transportation/port drayage and storage between -20 degrees Fahrenheit and +40 degrees Fahrenheit.
G2 Capital Advisors LLC and Whiteford, Taylor & Preston LLP served as financial and legal advisors to MTC, respectively.