Lineage Logistics Enters Spanish Market with the Acquisitions of Frigorificos de Navarra and Cold Storage Facility from Frioastur
Lineage continues to expand its leading European presence with Company’s first foray into Spain
NOVI, MICH.--(Business Wire / Korea Newswire) May 07, 2021 -- Lineage Logistics, LLC (“Lineage” or the “Company”), the world’s largest and most innovative temperature-controlled industrial REIT and logistics solutions provider, today announced its acquisition of Frigorificos de Navarra (“Frinavarra”), a leading operator of refrigerated warehousing and storage facilities headquartered in Milagro, Spain, and a cold storage warehouse facility from Frioastur located in Gijón, Spain. Financial terms of the transactions were not disclosed.
Frinavarra is an operator of refrigerated warehousing and storage facilities headquartered in Milagro (Navarra), Spain. Founded in 1987, its services include blast freezing, tempering, and modified atmosphere storage services, among other critical offerings for food and beverage customers. With nearly 20 million cubic feet of capacity, Frinavarra’s highly automated freezer facility comes with the opportunity for future expansion, furthering Lineage’s leading global network of automated temperature-controlled facilities.
Lineage’s acquisition of Frinavarra also involved an asset purchase from Frioastur, a cold storage warehouse located in Gijón, Spain. Originally built in 1963, the facility spans one million cubic feet of storage capacity and provides cold storage, handling, picking, transportation, and facilities services.
“Lineage’s entry into the Spanish cold storage market with our acquisitions of Frinavarra and Asturias marks another exciting milestone in our ongoing growth journey,” said Mike McClendon, Lineage’s President of International Operations & EVP of Network Optimization. “These new facilities expand our global offering in an important market for our customers and provide Lineage with future opportunities for continued expansion throughout Europe and beyond.”
With its entry into the Spanish market, Lineage owns and operates in 16 countries across North America, South America, Europe, Asia, Australia and New Zealand.
About Lineage Logistics
Lineage is the world’s largest and most innovative temperature-controlled industrial REIT and logistics solutions provider, its unrivaled real estate network, and its use of technology combine to promote food safety, increase distribution efficiency, advance sustainability, lessen environmental impact, and minimize supply chain waste. As a result, Lineage helps customers ranging from Fortune 500 companies to small family-owned businesses increase the efficiency and protect the integrity of their temperature-controlled supply chain. Lineage has grown its cubic feet by 60% annually since 2008 to 2.1 billion cubic feet, making it the largest global temperature-controlled industrial REIT. In recognition of the company’s leading innovations, Lineage was recognized as the No 1. Data Science company on Fast Company’s Annual list of The World’s Most Innovative Companies in 2019, in addition to ranking 23rd overall in an evaluation of thousands of companies worldwide. (www.lineagelogistics.com)
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