Lineage Logistics announces acquisition of Turvo

Novi, Mich.-based Lineage Logistics, the largest global temperature-controlled industrial REIT and logistics services provider, said earlier this week that it has acquired San Francisco-based Turvo, a provider of supply chain management, collaboration, and visibility software.

Financial terms of the deal were not disclosed.

Lineage officials said that this acquisition is an extension of the companies’ long-standing partnership, which includes a previous investment in Turvo by Lineage Ventures and also what they called a combined vision for supply chain collaboration. And with Lineage’s backing, they explained that Turvo will continue to focus on its customers, accelerate innovation in its technology offering and expand into new and adjacent markets under its own brand as a wholly owned subsidiary of Lineage.

“Lineage’s acquisition of Turvo was a natural extension of our partnership, through which we successfully launched Lineage Link last year,” said Adam Forste, Co-Executive Chairman of Lineage and Co-Founder and Managing Partner at Bay Grove, which founded and manages Lineage, in a statement. “We wholeheartedly believe in Turvo’s mission to increase visibility and synergies within the supply chain, and we see this as an opportunity for additional value creation for both Lineage and Turvo customers. I look forward to leading the new Turvo Board of Directors and working with leadership to advance its roadmap to drive smarter, more sustainable supply chains.”

And Greg Lehmkuhl, President & CEO of Lineage said in the same statement that Lineage deepening its relationship with Turvo shows how committed it is to innovation that furthers its purpose of transforming the food supply chain to eliminate waste and help feed the world.

“Through this investment we will accelerate industry-leading technology that leverages supply chain synergies at scale, addressing issues of density and utilization across the network and decreasing complexity and waste in the supply chain for all participants, from customers to shippers to carriers,” he said.

A Lineage spokesperson told LM that this acquisition is part of Lineage’s ongoing strategy to invest in technologies capable of transforming the global food supply chain, adding that it provides customers with real-time collaboration support and product visibility through the supply chain journey.

“The acquisition gives Lineage the ability to alleviate the impact many current supply chain challenges, including driver shortages and port congestion by decreasing the number of trucks or containers required to deliver a product,” he said. “It also helps optimize truck, rail or container utilization.”

Scott Lang, Chairman and CEO of Turvo, noted that with backing from Lineage and Bay Grove, Turvo will accelerate innovation with much greater reach and scale than ever before, further advancing supply chain digitization globally.

“Our customers will benefit from greater investments into our vision and our technology,” he said.

In April, Lineage Logistics acquired VersaCold Logistics Services, a leading cold chain solution provider in Canada, from TorQuest Partners and its co-investment partners, The Investment Management Corporation of Ontario and OPTrust. Financial terms of the transaction were not disclosed.

VersaCold is a cold chain leader that runs 24 temperature-controlled facilities comprising 114 million cubic feet of storage and 361,000 pallet positions. Its strategically-positioned network spans nine provinces and includes properties in Canada’s most populous metropolitan markets—including Toronto, Calgary, Vancouver, Edmonton, and Montreal. VersaCold also offers an integrated, asset-based inbound and outbound temperature-controlled transportation solution that operates out of nine terminals across the country and provides coast-to-coast service capabilities.