Novi-based Lineage Logistics has raised $1.7 billion to expand its footprint and develop automation and supply chain technology in its quest for food distribution dominance.
The new capital comes from new and existing investment firms, including BentallGreenOak, CenterSquare Investment Management, Cohen & Steers and D1 Capital Partners, the firm announced Tuesday.
This brings total capital raised since the start of 2020 to $6 billion for Lineage, the world’s largest cold storage company.
“This latest round of funding is further validation of our business strategy and will be used to double down on our commitment to delivering innovative, end-to-end supply chain solutions to our customers around the world,” said Greg Lehmkuhl, President and CEO of Lineage, said in a press release. “As we head into 2022, this new capital gives us even more confidence in our ability to generate future growth opportunities for our business, the industry and the wider food supply chain.”
The company declined to comment further on the fundraiser.
The funding will be used to grow the business through new developments, facility expansions and clean energy investments.
Since San Francisco-based private equity firm Bay Grove Capital LLC took over Lineage in 2008, the food storage company has maintained an aggressive “buy and build” expansion strategy. It moved its headquarters from California to Novi in 2017.
The company operates more than 400 temperature-controlled warehouses in 19 countries and employs more than 22,000 people, including 235 in the Detroit metro area.