U.S.-based cold storage company Lineage Logistics, part of Bay Grove LLC., has purchased rival Preferred Freezer Services valued at more than $1 billion.
Lineage Logistics said the move will create a closely held company which will amass more than 200 facilities and 1.3 billion cubic feet of cold-storage space across three continents.
With the acquisition, Lineage Logistics expands its warehouse footprint in sector driven by growing demand for rapid delivery of fresh foods to consumers.
Moreso, the business combination will also enable the new entity to leapfrog top-ranked Americold Logistics.