M&A Deal Summary

Lineage Acquires VersaCold Logistics Services

On April 13, 2022, Lineage acquired transportation company VersaCold Logistics Services from TorQuest

Acquisition Highlights
  • This is Lineage’s 16th transaction in the Transportation sector.
  • This is Lineage’s 2nd transaction in Canada.
  • This is Lineage’s 2nd transaction in Ontario.

M&A Deal Summary
Date 2022-04-13
Target VersaCold Logistics Services
Sector Transportation
Buyer(s) Lineage
Sellers(s) TorQuest
Deal Type Add-on Acquisition
Advisor(s) Wells Fargo Securities (Financial)
Stikeman Elliott (Legal)

Target

VersaCold Logistics Services

Vaughan, Ontario, Canada
VersaCold Logistics Services is a supply chain solutions company focused exclusively on the handling of temperature-sensitive food products. The company delivers a suite of fully integrated logistics services through its national network of industry-leading facilities, transportation fleet, and advanced technologies that set the benchmark for accessibility, information visualization, real-time tracking and inventory management. VersaCold was formed in 1946 and is based in Vaughan, Ontario.

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Buyer(S) 1

Buyer

Lineage

Novi, Michigan, United States
Category Company
Founded 2012
Sector Real Estate
Revenue 5.3B USD (2023)
DESCRIPTION

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.

DEAL STATS #
Overall 40 of 44
Sector (Transportation) 16 of 18
Type (Add-on Acquisition) 29 of 33
State (Ontario) 2 of 2
Country (Canada) 2 of 2
Year (2022) 5 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-09 MTC Logistics

Baltimore, Maryland, United States

MTC Logistics operates four distribution centers with more than 38 million cubic feet of refrigerated and frozen space, serving the ports of Baltimore, MD, Philadelphia, PA, Wilmington, DE, and Mobile, AL. MTC Logistics was founded in 1928 and is based in Baltimore, Maryland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-04 Mandai

Singapore, Singapore

Mandai provides a one-stop hub for refrigerated food distribution with a full range of solutions including procurement, transport and warehousing. It has a fleet of refrigerated trucks and has a facility that can house 28,000 pallets. Mandai was founded in 2006 and is based in Singapore.

Buy -

Seller(S) 1

SELLER

TorQuest

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2002
PE ASSETS 3.0B CAD
Size Large
Type Sector Agnostic
DESCRIPTION

TorQuest Partners is a Canadian mid-market private equity firm. TorQuest invests in established companies that deal in manufacturing, business services, financial services, industrial products, food, consumer products, and chemicals. Prospective transaction situations include family successions, recapitalizations, corporate carve-outs, and buyouts. Torquest targets businesses valued from C$40 to C$250 million where the firm can commit C$20 to C$100 million. TorQuest Partners was formed in 2002 and is based in Toronto.

DEAL STATS #
Overall 21 of 26
Sector (Transportation) 1 of 3
Type (Add-on Acquisition) 10 of 12
State (Ontario) 10 of 11
Country (Canada) 16 of 20
Year (2022) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-10 Rubicon Pharmacies

Regina, Saskatchewan, Canada

Rubicon owns and operates a network of retail pharmacies located in rural towns and neighborhood communities across Western Canada. Rubicon’s pharmacies serve as a critical component of the health care delivery system in these geographies. Rubicon was established as a succession vehicle for owners of independent pharmacies and operates across a broad range of retail pharmacy banners. Rubicon Pharmacies is based in Regina, Saskatchewan.

Sell $435M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-15 Johnvince Foods

Downsview, Ontario, Canada

Johnvince Foods is a retailer of bulk food products ranging from nuts, dried fruits, beans and peas, chocolates and candies, spices and herbs and so much more. Johnvince Foods was founded in 1975 and is based in Downsview, Ontario.

Buy -
Mergr

Product

Company

Legal