Lineage Logistics reported to be pursuing $30B-plus IPO

Temperature-controlled storage and logistics provider Lineage Logistics has been reported to be pursuing a more than $30 billion initial public offering for next year.

Backed by private equity firm Bay Grove, Novi, Michigan-based Lineage is the largest cold storage real estate investment trust in the world. The company has amassed a portfolio of more than 400 facilities and 2.5 billion cubic feet of space across North America, Europe and the Asia-Pacific since 2008.

Lineage provides end-to-end logistics services like freight forwarding, customs brokerage, drayage and truck transportation to and from its warehouses.

Lineage has raised more than $13 billion of capital to date, according to PitchBook. Two rounds totaled more than $2.4 billion last year. The company has raised $6.7 billion in equity since the beginning of 2020 to go along with a couple of smaller debt issuances over that period.

The Tuesday report from Bloomberg said Lineage has tapped Morgan Stanley (NYSE: MS) and Goldman Sachs (NYSE: GS) as lead underwriters on the deal.

The largest public comp for Lineage is Americold Realty Trust (NYSE: COLD), which carries a market cap of $8 billion. That company went public in early 2018.

A spokesperson from Lineage didn’t immediately respond to a request for comment.

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