Lineage Logistics Eyes Over $30 Billion Valuation in IPO
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Lineage Logistics LLC is targeting a valuation of more than $30 billion in an initial public offering, people familiar with the matter said, in what could be one of next year’s largest listings.
The temperature-controlled storage and logistics giant and its advisers are talking to potential investors about supporting an IPO that may take place as soon as the first half of 2024, according to the people, who asked not to be identified discussing nonpublic information.
Lineage Logistics ranks No. 23 on the Transport Topics Top 100 list of the largest logistics companies in North America and No. 1 on the refrigerated warehousing industry sector list.
Lineage has picked Goldman Sachs Group to work alongside Morgan Stanley as a lead bank preparing the offering, according to the people. Bloomberg News first reported Lineage’s plans for an IPO in September.
Deliberations are ongoing and no final decisions on the size or timing of any listing have been made, the people said. A spokesperson for Goldman Sachs declined to comment, while representatives for Novi, Mich.-based Lineage and Morgan Stanley didn’t immediately respond to requests for comment.
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Lineage, led by CEO Greg Lehmkuhl and backed by Bay Grove Capital, has more than 400 temperature-controlled storage facilities totaling over 2 billion cubic feet of capacity in North America, Europe and Asia. The company’s closest rival, Atlanta-based Americold Realty Trust, operates more than 240 facilities, which account for about 1.5 billion cubic feet of storage.
The potential listing of Lineage is part of a burgeoning pipeline of IPO candidates eyeing possible 2024 debuts. Those include social media company Reddit, Singapore-based fashion retail giant Shein, Kim Kardashian’s Skims and Microsoft Corp.-backed cloud and data security startup Rubrik, Bloomberg News has reported.
