Bay Grove Capital is showing no signs of slowing its investment in the cold storage industry, purchasing Castle & Cooke Cold Storage for its Lineage Logistics subsidiary.
With the acquisition, Lineage roughly doubled its footprint to 12 million square feet and 240 million cubic feet of capacity, becoming the third-largest refrigerated warehouse company in North America, according to Bay Grove. Financial details of the transaction weren’t released.
During the past three years, Bay Grove has purchased Seafreeze Cold Storage and CityIce Cold Storage, both based in Seattle; Flint River Services, Albany, Ga.; Terminal Freezers, Oxnard, Calif.; and Richmond Cold Storage, Richmond, Va. The new company has 64 facilities nationwide.
Castle & Cooke’s top officials will head Lineage, with Bill Hendricksen serving as CEO and Paul Hendricksen as chief operating officer.
Castle & Cooke, previously owned by investor David Murdock and Hendricksen, operates 24 facilities totaling 112 million cubic feet in California, Illinois, Maryland, Missouri, Georgia and Texas. In addition to the cold storage facilities, the company has a logistics unit that acts as a third-party logistics provider for a number of its customers.