M&A Deal Summary

Bay Grove, Stonepeak and Morgan Stanley Tactical Value Investing Acquire Lineage

On April 18, 2012, private equity firm Bay Grove, infrastructure investor Stonepeak and private equity firm Morgan Stanley Tactical Value Investing acquired real estate company Lineage

Acquisition Highlights
  • This is Bay Grove’s 3rd, Stonepeak’s 1st and Morgan Stanley Tactical Value Investing’s 1st transaction in the Real Estate sector.
  • This is Bay Grove’s 6th, Stonepeak’s 1st and Morgan Stanley Tactical Value Investing’s 1st transaction in the United States.
  • This is Bay Grove’s 1st, Stonepeak’s 1st and Morgan Stanley Tactical Value Investing’s 1st transaction in Michigan.
Investment Fate
  • Lineage went public in 2024.

M&A Deal Summary

Date 2012-04-18
Target Lineage
Sector Real Estate
Buyer(s) Bay Grove
Stonepeak
Morgan Stanley Tactical Value Investing
Deal Type Consolidation

Target

Lineage

Novi, Michigan, United States
Lineage is a warehousing and logistics company built to deliver sophisticated, customized, and dependable cold supply solutions for a variety of customers worldwide. Lineage was founded in 2012 and is based in Novi, Michigan.

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Buyer(S) 3

Buyer

Bay Grove

San Francisco, California, United States

Investor Investor Investor


Category Private Equity Firm
Founded 2007
Size Small
Type Sector Focused
DESCRIPTION

Bay Grove is a private investment group principally focused on logistics and related assets. The Firm looks to build a long-term platform with a specific interest in temperature-controlled assets, technology-enabled logistics services, cold storage, and other related businesses. Bay Grove was formed in 2007 and is based in San Francisco, California.


DEAL STATS #
Overall 6 of 6
Sector: Real Estate M&A 3 of 3
Type: Consolidation M&A Deals 1 of 1
State: Michigan M&A 1 of 1
Country: United States M&A 6 of 6
Year: 2012 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-18 CityIce Cold Storage

Seattle, Washington, United States

CityIce Cold Storage, Inc. provides a full range of cold storage services including racked and un-racked storage, blast freezing, rail/truck transloading, on-dock cold storage, direct vessel discharge, and adjacent custom seafood processing. CityIce Cold Storage is based in Seattle, Washington.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-26 Lineage

Novi, Michigan, United States

Lineage is a warehousing and logistics company built to deliver sophisticated, customized, and dependable cold supply solutions for a variety of customers worldwide. Lineage was founded in 2012 and is based in Novi, Michigan.

Sell -
Buyer

Stonepeak

Investor Investor Investor Investor Investor


Category Infrastructure
Founded 2011
PE ASSETS 73.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Stonepeak is a private equity firm focused on North American infrastructure investing. Specific areas of interest include energy assets, power/renewables, transportation, utilities, water, and communications. Stonepeak was formed in 2011 and is headquartered in New York City.


DEAL STATS #
Overall 1 of 44
Sector: Real Estate M&A 1 of 2
Type: Consolidation M&A Deals 1 of 2
State: Michigan M&A 1 of 1
Country: United States M&A 1 of 24
Year: 2012 M&A 1 of 3
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-01 Orion Water Partners

Carlsbad, California, United States

Orion Water Partners is a joint venture to construct, own and operate the Carlsbad Desalination Plant. Completed in December 2015 after a three-year construction process, the Carlsbad Desalination Plant is the largest seawater desalination plant in the Western Hemisphere. The plant produces as much as 10% of San Diego’s drinking water under a 30-year off-take agreement with the San Diego County Water Authority, ensuring drought-proof supply for nearly a half-million residents of Southern California.

Buy -
DESCRIPTION

Morgan Stanley Tactical Value Investing is an opportunistic investment group within Morgan Stanley focused on flexible capital solutions across asset classes, sectors, and geographies. The group will consider a variety of investment solutions including preferred equity, asset-backed loans, recapitalizations, PIPEs, and junior/senior debt. Morgan Stanley Tactical Value Investing is headquartered in New York City.


DEAL STATS #
Overall 1 of 15
Sector: Real Estate M&A 1 of 2
Type: Consolidation M&A Deals 1 of 1
State: Michigan M&A 1 of 1
Country: United States M&A 1 of 12
Year: 2012 M&A 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-23 XRI Blue

Houston, Texas, United States

XRI Blue is a water resource management company engaged in the sourcing, production, transportation, storage, and sale of water for use in the upstream exploration & production industry. XRI Blue was founded in 2013 and is based in Houston, Texas.

Buy -