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Lineage, Inc. (LINE) is a global leader in temperature-controlled logistics, specializing in warehousing and supply chain solutions for frozen and perishable food products. The company operates through two main business segments, offering storage, transportation, and integrated supply chain services to optimize the movement of goods. Headquartered in Novi, Michigan, Lineage employs over 26,000 team members across 19 countries and is recognized for its technological innovation and operational excellence.
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Global Warehousing - Provides temperature-controlled storage and related services, including blast freezing, rent for warehouse space, and logistical operations such as order assembly, load consolidation, and quality control.
- Warehousing Operations - Offers storage for frozen and perishable goods.
- Warehouse Lease Revenues - Generates income from leasing warehouse space.
- Managed Services - Includes specialized handling and logistical services.
- Other Services - Covers additional offerings like government-approved storage and inspection.
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Global Integrated Solutions - Delivers supply chain services to enhance the movement of products, including transportation, food sales, redistribution, and e-commerce solutions.
- Transportation - Facilitates the movement of goods across the supply chain.
- Food Sales - Manages the sale and redistribution of food products.
- Redistribution Revenues - Supports the redistribution of goods to optimize supply chains.
- E-commerce and Other Services - Includes digital solutions and railcar leasing.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Greg Lehmkuhl Executive | President and CEO | Board Member at Agree Realty Corp. (NYSE: ADC) | Greg Lehmkuhl has been the President and CEO of Lineage since June 2015. He has extensive experience in real estate, corporate governance, and business management. Previously held executive roles at Con-Way, Inc. and Menlo Logistics. | View Report → |
Robert Crisci Executive | Chief Financial Officer (CFO) | Board Member at MasterBrand Cabinets, Inc. | Robert Crisci joined LINE as CFO in April 2023. He previously helped grow Roper Technologies' market cap significantly and has experience in capital raising and strategic advisory. | |
Sean Vanderelzen Executive | Chief Human Resources Officer (CHRO) | Board Member at Global Cold Chain Alliance; Chair at HR Policy Association | Sean Vanderelzen joined Lineage in March 2016 as CHRO. He has shaped HR strategy at Lineage and will also serve as President – Europe starting January 2025. |
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Given the competitive pressures from speculative development and new supply, particularly in markets where customers have more leverage, how do you anticipate these dynamics affecting your pricing power and occupancy levels in the coming quarters?
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With only about 5% of your facilities certified in Lean operations despite significant labor costs, what specific steps are you taking to accelerate Lean certification across your portfolio, and when can investors expect to see meaningful margin improvements from these initiatives?
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Considering the 190 basis point year-over-year decline in same warehouse economic occupancy and flat sequential occupancy levels, what strategies are you implementing to drive occupancy growth, and how confident are you in achieving mid-single-digit same-store NOI growth without a clear recovery in consumer demand?
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As you resume your acquisition strategy post-IPO in a competitive market, how do you plan to navigate potential pricing challenges to ensure future acquisitions remain accretive to AFFO per share?
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Given your significant investment in the LinOS technology platform aimed at reducing labor costs, can you provide concrete timelines and measurable targets for its impact on EBITDA margins, especially since benefits may not materialize until 2026 and beyond?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Luik Natie | 2024 | Acquired on July 31, 2024 for $52 million (with up to $12 million contingent earn-out and $14 million of debt assumed), strengthening Lineage’s cold storage and logistics network in Belgium and adding significant warehousing and transportation capabilities. |
Eurofrigor S.r.l. Magazzini Generali | 2024 | Acquired on June 28, 2024 for approximately $17 million (net of cash of $14 million) to expand the temperature-controlled warehousing capabilities in Controguerra, Italy. |
Cold Storage Facility (Western Australia) | 2024 | An acquisition agreed on May 22, 2024 with a closing on November 1, 2024, at a purchase price of $11 million; this deal expands the company’s temperature-controlled warehousing network in Western Australia. |
Entrepôt du Nord (EDN) | 2024 | Acquired on February 1, 2024 for $60 million in cash, including significant assets like $36 million in PPE and $19 million in customer relationships, with goodwill adjusted to $21.8 million to bolster the warehousing network in Canada. |
Burris Logistics | 2023 | Acquired on October 2, 2023 for an estimated cash consideration of $147.5 million to add eight U.S. warehouses, aimed at enhancing warehousing, transportation, and e‑commerce services; initial accounting remains incomplete. |
Mountain Dog Operating LLC | 2023 | Acquired on October 2, 2023 with a 100% interest for an estimated $86.2 million in cash plus $6.4 million in equity interests, targeting expansion of U.S. warehousing and e‑commerce capacities; initial accounting is incomplete. |
Big Dog Operating LLC | 2023 | Acquired on October 2, 2023 with a 100% interest for an estimated $86.2 million in cash plus $6.4 million in equity, intended to strengthen U.S. warehousing, transportation, and E‑commerce offerings; initial accounting is incomplete. |
Nova Coldstore Corp. | 2023 | Acquired on October 2, 2023 for a 100% interest with an estimated cash consideration of $86.2 million plus $6.4 million in equity interests to boost U.S. warehousing and logistics capacities; initial accounting is incomplete. |
Kennedy Transportation | 2023 | Acquired on October 2, 2023 for an estimated cash consideration of $28.6 million to expand U.S. transportation and warehousing services, with initial accounting not yet finalized. |
Ha Noi Steel Pipe Joint Stock Company | 2023 | Acquired on August 1, 2023 with a 75% interest for an estimated total of $20.7 million, enabling expansion into transportation solutions in the Asia‑Pacific region through the subsidiary holding of 99.99% in SK Logistics; initial accounting is incomplete. |
Nossack Transport | 2023 | Acquired on May 1, 2023 for a total cash consideration of $4.8 million (including an estimated $1.9 million contingent consideration) to extend the warehousing network in Canada; initial accounting remains incomplete. |
Facility in New Zealand | 2023 | Acquired on March 31, 2023 for $13.1 million to broaden the company’s operational footprint, although specific strategic details were not disclosed. |
Recent press releases and 8-K filings for LINE.
- Lineage, Inc. released an investor presentation through its 8-K filing on May 7, 2025, which is available at ir.onelineage.com.
- The presentation highlights the company's strategic position as a global leader in temperature-controlled warehousing, emphasizing automation, acquisitions, and integrated growth initiatives.
- It includes key non-GAAP financial measures and updated guidance details aimed at reinforcing its operational efficiencies and competitive investment strategy.
- Landmark agreements with Tyson Foods: acquired four cold storage warehouses for $247M and plans to deploy ~$1B in capital for new developments—including greenfield and next-generation automated facilities—targeting over $100M in annual EBITDA when stabilized.
- Q1 2025 financials: revenue $1.29B (down 3%) and adjusted EBITDA $304M (down 7%), with AFFO up 48% to $219M and AFFO per share up 6% to $0.86.
- Breakeven GAAP net income was reported at $0.01 per diluted share.
- Continued guidance: maintaining an adjusted EBITDA range of $1,350M-$1,400M and AFFO per share of $3.40-$3.60, supported by ongoing acquisitions and integration efforts.
- The Audit Committee approved the dismissal of KPMG LLP as the independent registered public accounting firm, with the change effective following the filing of the quarterly report for March 31, 2025, and selected PwC as the new auditor for fiscal 2025.
- The auditor change follows the remediation of a material weakness in internal controls, originally noted as of December 31, 2023 and resolved by December 31, 2024.