Lineage, Inc. is the world's largest temperature-controlled warehouse real estate investment trust (REIT), specializing in cold chain logistics for the global food supply chain.[1] Headquartered in Novi, Michigan, the company operates a network of over 485 facilities across 19 countries, serving more than 15,000 customers with end-to-end solutions including warehousing, transportation, and value-added services for perishable goods.[2][3][4]Founded in 2008 by Bay Grove Capital with a single cold storage warehouse, Lineage was formally established in 2012 through the consolidation of multiple acquired businesses, marking the beginning of its rapid expansion in the temperature-controlled logistics sector.[5][6] The company has grown through over 100 acquisitions, incorporating historic operators such as New Orleans Cold Storage (founded 1886) and Emergent Cold Latin America (2020), which expanded its footprint to North America, Europe, Asia-Pacific, and South America.[5] In April 2024, Lineage Logistics rebranded to Lineage, Inc., reflecting its evolution into a comprehensive REIT focused on sustainability and innovation.[7] Later that year, on July 25, 2024, it completed an initial public offering on the Nasdaq under the ticker symbol "LINE," raising approximately $4.4 billion in the largest IPO of the year.[8]Lineage's services emphasize reducing food waste and enhancing supply chain efficiency through advanced technology, dataanalytics, and automated facilities, supporting its mission to combat global food insecurity.[9] Under the leadership of President and CEO Greg Lehmkuhl, the company invests in workforce development and sustainability initiatives, including a $100 million commitment to U.S. employee equity following its IPO.[2][10] With trailing twelve-month revenue of $5.4 billion as of September 2025 and approximately 26,000 employees, Lineage plays a pivotal role in the perishable goods industry, handling everything from fresh produce to pharmaceuticals.[1][11][12]
Overview
Company profile
Lineage, Inc. is the world's largest temperature-controlled warehousing and logistics company, specializing in cold chain solutions for the global food supply chain.[2] It was founded on April 18, 2012, through the consolidation of several premier temperature-controlled warehousing companies, and is headquartered in Novi, Michigan, USA.[6] The company operates as a real estate investment trust (REIT), focusing on owning, leasing, and managing refrigerated facilities to optimize food distribution and preservation.As of 2024, Lineage managed over 480 facilities across 19 countries, providing approximately 3.1 billion cubic feet of capacity and employing approximately 26,000 people worldwide.[2] That year, the company generated revenue of US$5.3 billion, reflecting its dominant scale in the temperature-controlled logistics sector.[13] These operations span North America, Europe, and Asia-Pacific, enabling efficient storage, handling, and transportation of perishable goods.[14]Lineage's core mission centers on enhancing the global food supply chain while addressing critical challenges like food waste and insecurity.[15] By leveraging advanced cold storage technologies, the company aims to minimize spoilage and support sustainable practices that connect food producers with those in need, including through its nonprofit Lineage Foundation for Good. In April 2024, the company rebranded from Lineage Logistics to Lineage, Inc., to better encapsulate its legacy and forward-looking vision in the interconnected cold chain ecosystem.[7]
Leadership and ownership
Lineage is led by President and Chief Executive Officer W. Gregory Lehmkuhl, who has held the position since June 2015.[16] In this role, Lehmkuhl oversees global operations and provides strategic direction for the company's growth in temperature-controlled logistics.[17]Under Lehmkuhl's leadership, Lineage has emphasized innovation in the cold chain sector, including initiatives to reduce food waste and enhance sustainability.[18] For instance, he spearheaded the Global Food Chain Innovation Challenge launched in 2024 to advance technologies that minimize post-harvest losses and promote efficient supply chains.[19] Lehmkuhl has also driven efforts to lower energy consumption in warehouses, positioning Lineage as a leader in sustainable cold storage practices.[20]Principal ownership of Lineage remains with Bay Grove Capital, LLC, which founded the company in 2008 and retains majority control following the 2024 initial public offering (IPO).[21] Bay Grove, led by co-founders Adam Forste and Kevin Marchetti, continues to influence strategic decisions through its significant equity stake.[21]The board of directors comprises ten members, including co-executive chairmen Adam Forste and Kevin Marchetti, who bring expertise in private equity and logistics from their roles at Bay Grove Capital.[22] Other key board members include CEO Greg Lehmkuhl, Shellye Archambeau (experienced in corporate governance from prior roles at Verizon and Nordstrom), John Carrafiell (a finance expert from Apollo Global Management), and Joy Falotico (with background in supply chain from Ford Motor Company).[22] The board oversees governance, risk management, and strategic oversight, with committees focused on audit, compensation, and nominations.Key executives support these efforts across core functions. Jeff Rivera serves as Global Chief Operations Officer, managing the company's extensive network of facilities and supply chain execution.[23] Robb LeMasters acts as Chief Financial Officer, handling financial strategy and investor relations post-IPO.[23] Sustainability initiatives are integrated into operations leadership, with dedicated teams under the COO focusing on energy efficiency and environmental goals.[24]As a publicly traded real estate investment trust (REIT) since its July 2024 IPO on NASDAQ under the ticker LINE, Lineage adheres to standard REIT governance structures, including a code of business conduct, audit committee, and compensation committee to ensure transparency and compliance.[25] Major stakeholders include institutional investors such as Norges Bank (holding approximately 6.11% as of June 2025) and The Vanguard Group (about 3.99% as of September 2025), alongside Bay Grove's controlling interest through entities like Bg Cold LLC.[26]
History
Founding and early growth
Lineage's origins trace back to 2008, when Bay Grove Capital, founded by Adam Forste and Kevin Marchetti, made its first investment in the cold storage sector by acquiring a frozen foodwarehouse from Toyo Suisan Kaisha amid the global financial crisis.[5] This acquisition of the Seafreeze facility marked the beginning of Bay Grove's strategy to build a platform in temperature-controlled logistics, starting with a single asset in a fragmented industry plagued by inefficiencies and limited scale.[20] Over the next few years, Bay Grove continued this approach with targeted purchases, including CityIce in 2009, Flint River in 2010, and Terminal Freezers and Richmond Cold Storage in 2011, each adding specialized refrigerated capacity primarily in North America.[5]The company was formally established as Lineage Logistics in April 2012, headquartered in Colton, California, through the consolidation of these early acquisitions into a unified entity sponsored by Bay Grove.[6][27] This launch immediately propelled growth, as Lineage acquired Castle & Cooke Cold Storage and Stanford Refrigerated Warehouses that year, forming the third-largest refrigerated warehousing network in North America at the time.[5] The initial focus was on consolidating the highly fragmented cold chain sector, where numerous small operators lacked the resources for modernization and efficiency, thereby creating economies of scale through integrated operations and shared infrastructure.[20]By 2020, Lineage had completed over 55 acquisitions since its inception, methodically building a core cold storage network across North America that emphasized reliability for perishable goods like frozen foods and fresh produce.[20] Early technology integrations, such as basic warehouse management systems, supported this expansion by improving inventory tracking and operational coordination among the acquired facilities. This foundational phase set the stage for Lineage's later global pursuits through additional acquisitions.
Public listing and recent milestones
Lineage, Inc. completed its initial public offering (IPO) on July 25, 2024, listing on the Nasdaq Global Select Market under the ticker symbol "LINE." The company priced 56,882,051 shares of common stock at $78 per share, raising approximately $4.44 billion in gross proceeds, marking the largest IPO of 2024.[21][8] This milestone transitioned Lineage from a private entity to a publicly traded real estate investment trust (REIT), formalizing its status as the world's largest temperature-controlled warehousing REIT.[7][8]Prior to the IPO, on April 18, 2024, the company rebranded from Lineage Logistics to Lineage, Inc., to better reflect its global leadership in temperature-controlled logistics and its vision for the food supply chain.[7] The IPO proceeds supported investments in network expansion, technology enhancements, and employee equity programs, including a $100 million commitment to U.S. workforce incentives.[10]In late 2024, Lineage achieved notable recognition, including its inclusion on Inc. magazine's 2024 Best in Business list in the Innovation and Technology category for advancements in cold chain solutions.[28] The company also launched the EDGE Program in December 2024, an interactive leadership development initiative for warehouse supervisors aimed at enhancing cold chain expertise through training, skill-building, and best-practice sharing.[29][30]Into 2025, Lineage continued to emphasize operational efficiencies amid market challenges, as reflected in CEO Greg Lehmkuhl's comments on quarterly results. In the third quarter of 2025, the company reported a 3.1% year-over-year revenue increase to $1.3 billion and Adjusted EBITDA growth, attributing gains to disciplined costmanagement and technology integrations like the LinOS platform.[14] Lehmkuhl highlighted these accomplishments as evidence of the company's resilience and focus on margin expansion through network optimization.[31]
Business operations
Core services and technology
Lineage provides a range of core services centered on temperature-controlled logistics, including cold storage warehousing, which maintains precise temperature conditions for perishable goods across its global network.[32] The company also offers automated warehousing solutions that leverage advanced robotics and systems to enhance operational efficiency and throughput in handling frozen and chilled products.[33] Additional services encompass food processing, where co-located facilities support manufacturing and value-added operations such as blast freezing and case selection for food producers.[34] Lineage further extends its offerings to freight forwarding, facilitating global import and export of temperature-sensitive cargo through coordinated multimodal transport, and customs brokerage, which assists clients in navigating regulatory requirements, tariffs, and border clearances to expedite cross-border movements.[35][36]The company's technology portfolio includes 133 issued patents as of December 31, 2024.[37] These patents cover advancements such as AI-powered computer vision systems for inventory management, exemplified by Lineage Eye, which automates pallet receiving and reduces errors in stock tracking through real-timeimage analysis.[38] In energy-efficient cooling, patented technologies include advanced refrigeration controls and variable frequency drives that optimize compressor operations to lower consumption in cold storage environments.[39] These efforts underscore ongoing investments exceeding $725 million since 2019 in proprietary tools like SaaS-based platforms for supply chain standardization.[40]Lineage delivers integrated end-to-end supply chain solutions that combine warehousing, transportation, and real-time visibility tools to streamline operations and minimize food waste in the cold chain.[9] Its transportation services include managed and on-demand options using data-driven routing to ensure timely delivery of perishables, while platforms like Lineage Link provide customers with real-time tracking and analytics for inventory and shipment status.[41][40] These solutions help reduce waste by enabling proactive interventions, such as optimized storage conditions that extend product shelf life and prevent spoilage during transit.[42]Lineage emphasizes innovation in sustainable technologies aimed at reducing energy consumption in cold chain operations, aligning with its commitment to net-zero carbon emissions by 2040.[40] Key developments include AI-driven flywheeling systems that shift cooling to off-peak hours using sensor data, cutting energy costs and demand during high-usage periods.[43] Advanced refrigeration control systems and automation across facilities have achieved approximately 20% reductions in energy use (kWh per pallet position) by optimizing refrigeration cycles. As of 2024, the company has deployed advanced refrigeration control systems at 25 facilities, achieving approximately 20% energy savings, and expanded solar capacity to 146 MW across 87 facilities.[37] These efforts incorporate data science to enhance overall efficiency, supporting broader goals of waste elimination in the global food supply chain.[44]
Global supply chain network
Lineage operates a vast global supply chain network comprising over 485 facilities across 19 countries, including 481 warehouse sites, as of September 2025, with primary hubs concentrated in North America, Europe, and Asia-Pacific.[4] This extensive facility network provides more than 3.1 billion cubic feet of temperature-controlled storage capacity, enabling the company to handle large-scale cold chain logistics for perishable goods worldwide.[14]In North America, particularly the United States and Canada, Lineage maintains its core operations, with strategic facilities in key ports and distribution centers such as Miami, Los Angeles, New York/New Jersey, Chicago, Toronto, and Vancouver to facilitate efficient regional and cross-border flows.[45]Europe represents another major hub, including operations in the United Kingdom, France, Germany, Italy, Spain, Poland, Denmark, and Norway, where recent expansions in the Nordic region have strengthened connectivity for intra-continental supply chains.[45] In Asia-Pacific, the network spans Australia, New Zealand, Singapore, Sri Lanka, and Vietnam, supporting growing demand in export-oriented markets. Additionally, Lineage holds an 8.8% equity interest in Emergent Cold LatAm Holdings LLC, providing exposure to emerging opportunities in Latin America through associated temperature-controlled infrastructure.[45]The integrated design of this network supports seamless global food distribution by leveraging port-centric locations and interconnected transportation links, allowing for end-to-end visibility and resilience in moving products from origin to destination while minimizing disruptions in the cold chain.[45] This infrastructure enables efficient handling of diverse supply routes, from farm-to-fork pathways, ensuring temperature integrity for commodities across continents.[41]
Growth strategy
Key acquisitions
Lineage has executed over 120 acquisitions since its inception in 2008, significantly contributing to its growth as a global leader in temperature-controlled logistics.[46] By mid-2025, the goodwill associated with these acquisitions exceeded $3 billion, reflecting the strategic premium paid for integrating specialized assets into its network.[14]Among the most significant deals, the 2019 acquisition of Preferred Freezer Services for over $1 billion expanded Lineage's port access and capacity near major U.S. gateways, adding specialized refrigerated space to support seafood, protein, and produce imports.[47][48] In April 2025, Lineage acquired Bellingham Cold Storage, incorporating three Washington-state warehouses totaling 24 million cubic feet and 85,000 pallet positions, enhancing its West Coast capacity for perishables distribution.[49] That same year, the May acquisition of Permanor AS bolstered Lineage's Nordic footprint by adding two solar-powered facilities in Norway with 24,500 pallet positions, targeting the meat and food sectors in Scandinavia.[50] In April 2025, Lineage also acquired four cold storage warehouses from Tyson Foods for $247 million, further expanding its U.S. network.[51] Additionally, in July 2025, the company acquired three cold storage facilities in Quebec, Canada, strengthening its North American presence.[52] Earlier, the 2014 acquisition of Murphy Overseas introduced freight forwarding and customs brokerage services, diversifying Lineage's offerings beyond storage to include end-to-end supply chain solutions.[5]These acquisitions have driven geographic diversification and capacity expansion, with each deal strategically filling gaps in high-demand regions or adding complementary services like port-proximate storage and internationallogistics. For instance, Preferred Freezer's port-focused assets improved import efficiency, while Bellingham, Permanor, Tyson, and the Quebec facilities addressed regional growth in North America and Europe. Cumulatively, this M&A activity has positioned Lineage as the world's largest cold chain network, operating over 480 facilities across 19 countries and handling over 250 billion pounds of food annually as of 2025.[41][14]
Expansion initiatives
Lineage has pursued organic growth through the construction and expansion of new facilities in strategic locations to enhance its temperature-controlled logistics capabilities. For instance, in 2023, the company broke ground on an expansion of its Foothills facility in Calgary, Canada, aimed at strengthening export capabilities and adding significant storage capacity to its North American network.[53] Similarly, Lineage developed a state-of-the-art refrigerated storage facility at the Port of Savannah, Georgia, which opened in January 2023 to support fresh produce handling and perishable imports.[54] These greenfield projects complement expansions in Europe, such as the addition of 5,000 pallets to an existing facility in 2023 under its Lineage Fresh initiative.[55] Post-2020, Lineage entered the Asia-Pacific market via a joint venture with a Hanoi-based operator, marking its initial organic push into Southeast Asia for cold storage expansion.[56]In parallel, the company has formed strategic alliances with major food producers to develop customized supply chain solutions. Collaborations with JBS USA led to the opening of a fully automated cold storage facility in Windsor, Colorado, in 2023, optimizing protein logistics through advanced automation.[57] Likewise, a partnership with Smithfield Foods resulted in an innovative automated distribution center in Olathe, Kansas, launched in 2022, which sets efficiency standards for meat processing and distribution.[58] More recently, Lineage teamed up with Ajinomoto Foods in 2024 to implement real-time inventory tracking via its Lineage Link platform, enhancing visibility and reducing disruptions in frozen food supply chains.[59]To support these initiatives, Lineage has made substantial capacity investments, including a $700 million equity raise in 2022 dedicated to globalwarehousedevelopment, greenfield projects, and technology upgrades like solar energy integration.[60] As of December 31, 2024, the company's unencumbered real estate assets exceeded $19.4 billion, providing a strong foundation for ongoing expansions without heavy reliance on debt.[61]Looking ahead, Lineage aims to accelerate globalization by developing automated facilities in high-growth regions, exemplified by its existing next-generation Cool Port II site in the Port of Rotterdam, while targeting waste reduction through supply chain innovations aligned with broader sustainability goals, including net-zero carbon emissions by 2040.[62]
Corporate responsibility
Philanthropy and community impact
Lineage established the Lineage Foundation for Good in October 2021 as an independent public charity dedicated to combating global food insecurity and reducing food waste by leveraging the company's cold chainlogistics expertise.[63] The foundation bridges the gap between food producers with surplus products and community organizations in need, facilitating the redistribution of safe, quality food that might otherwise be discarded.[15]Through initiatives like the Customer Product Donation program, the foundation has enabled significant charitable contributions, including partnerships with networks such as Feeding America to donate to local food banks.[64] In 2022, it facilitated donations of over 2.7 million pounds of food products from customers, issued nearly $3 million in grants to community-based organizations, and supported more than 5,000 employee volunteer hours worldwide.[65] These efforts equated to providing over 200 million meals that year, advancing toward a five-year goal of 500 million meals.[66]The foundation's employee engagement programs, including Champions for Good and Time for Good, encourage team members to volunteer thousands of hours annually at food banks and community events, fostering direct local impact.[15] Following Lineage's initial public offering in July 2024, the foundation expanded its commitments, announcing an $8.8 million pledge in food donations and cash grants to hunger relief partners, scaling operations across its global network to address rising community needs.[67][8] In November 2025, the foundation expanded support for community café programs, providing new grants and partnerships to enhance access to nutritious meals in underserved areas.[68] Annual reports detail these contributions, highlighting the foundation's role in enhancing social resilience through targeted philanthropy.[65]
Sustainability efforts
Lineage has integrated sustainability into its core operations as a global cold chain logistics provider, emphasizing environmental responsibility to support a resilient food supply chain. The company signed The Climate Pledge in 2021, committing to net-zero carbon emissions across its operations by 2040, which guides its strategic initiatives in waste management, energy use, and emissions reduction.[69][70]To address food waste in the supply chain, Lineage employs technologies and processes such as automation and innovative partnerships that optimize storage, transportation, and inventorymanagement, thereby minimizing spoilage and inefficiencies. For instance, the company hosts the annual Food Chain Innovation Challenge, which in 2024 awarded Ryp Labs' StixFresh technology—a solution that extends produceshelf life—to reduce post-harvest losses, with Lineage investing $50,000 and providing incubation support to scale such innovations. These efforts align with broader goals to transform the food supply chain and eliminate waste, though specific numerical targets like zero waste by 2030 are not publicly detailed; instead, Lineage supports global objectives such as UN Sustainable Development Goal 12.3 to halve food waste by 2030 through collaborative programs.[69][37][71]In energy efficiency, Lineage has invested heavily in renewable sources and advanced cooling systems to lower its environmental footprint. As of December 31, 2024, the company operates solar energy installations at 87 facilities, generating 146 MW of capacity to offset grid dependency and reduce emissions. Additionally, advanced refrigeration control systems have been deployed at 25 facilities, delivering up to 20% energy savings per site, while 14 linear generators—up from five in 2023—provide low-emission power for backup and peak demand. A pilot onsite microgrid at the Salem, Oregon facility, launched in 2024, integrates solar panels and battery storage to enhance energy resilience and efficiency.[69][37][72]Lineage's ESG framework includes annual sustainability reporting, with the 2024 report establishing a comprehensive GHG baseline: Scope 1 emissions at 292,065 MT CO2e and Scope 2 (market-based) at 776,398 MT CO2e, serving as the foundation for ongoing carbon footprint reductions. The company pursues certifications such as the U.S. EPA's SmartWay® program, earning Leader status in 2024 for freight efficiency, which facilitated 261 rail journeys that avoided 314.1 tons of CO2e.[37][72][69] Sustainable sourcing partnerships extend to over 200 Climate Pledge signatories and collaborations with suppliers and customers to optimize supply chain practices, including demand response programs that further cut energy use.[37][72][69]Post-2024 commitments include the expansion of the EDGE Program, launched in 2024 for supervisor training and global rollout planned for 2025, which builds leadership capacity to implement sustainability practices across operations, with 69 participants completing it in the U.S. by year-end.[37][30]