Our purpose is to transform the global food supply chain to eliminate waste and help feed the world. Built with the vision of creating a more sustainable future, we are a leading mission-critical, temperature-controlled infrastructure provider for the storage, handling and movement of food around the world. It is estimated that approximately one-third of the food produced globally is lost or wasted and 12% is lost due to a lack of refrigeration. We offer solutions to the complexities of the cold chain—the vital network linking food from farm to fork—through our strategically located and scaled network of temperature-controlled warehouses and our technology-enabled platform. We are the world’s largest global temperature-controlled warehouse REIT, with a modern and strategically located network of properties. Our business is competitively positioned to deliver a seamless end-to-end, technology-enabled, customer experience for thousands of customers, each with their own unique requirements in the temperature-controlled supply chain. As of March 31, 2024, we operated an interconnected global temperature-controlled warehouse network, comprising over 84.1 million square feet and 3.0 billion cubic feet of capacity across 482 warehouses predominantly located in densely populated critical-distribution markets, with 312 in North America, 82 in Europe and 88 in Asia-Pacific. We have a well-diversified and stable customer base and currently serve more than 13,000 customers that include household names of the largest food retailers, manufacturers, processors and food service distributors in the industry. For the twelve months ended March 31, 2024, no single customer accounted for more than 3.3% of our revenues. We operate our business through two segments: • Global warehousing, which utilizes our high-quality industrial real estate properties to provide temperature-controlled warehousing storage and services to our customers and represented approximately 86% of our total NOI for the twelve months ended March 31, 2024; and • Global integrated solutions, which complements warehousing with supply chain services to facilitate the movement of products through the food supply chain to generate cost savings for customers and additional revenue streams for our company and represented approximately 14% of our total NOI for the twelve months ended March 31, 2024. To augment our leading position in the temperature-controlled warehousing sector, we have invested more than $725 million since the start of 2019 in transformational technology initiatives to deliver enhanced customer value and operational efficiencies, including software development and implementation, establishment of in-house data science, product development and automation teams and selected acquisitions. We believe that we are an industry leader in technological innovation and that deploying these technologies supports potential strong same warehouse NOI growth and cash flow generation. Key elements of our technology strategy include leveraging both proprietary and what we believe are best-in-class systems to integrate acquisitions and development projects onto common information technology platforms to enable increased operational standardization and productivity; developing and deploying innovative tools to enhance our operations; deploying our in-house data science team to create optimization opportunities; developing patented innovations supporting critical areas of our business; and offering industry-leading automation capabilities. We have been recognized by multiple third parties as a leading industry innovator, including being listed among the CNBC Disruptor 50 in 2021, 2022, 2023 and 2024 and being recognized by Fast Company as one of the 50 Most Innovative Companies of 2019, including being ranked first in the Data Science category. Our team members are the bedrock of Lineage, and we employ a workforce of over 26,000 team members across 19 countries. We were recognized as a U.S. Best Managed Company by Deloitte and the Wall Street Journal in both 2022 and 2023. We are headquartered in Novi, Michigan, and we were listed as one of Michigan’s Top Workplaces in 2022 by The Detroit Free Press. Our focus on our six core values of safe, trust, respect, innovation, bold and servant leadership drive our company forward every day. We were formed in April 2017. Our principal executive office is located at 46500 Humboldt Drive, Novi, Michigan.
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- Prologis for cold storage warehouses
- Amazon for cold storage
- Public Storage for industrial freezers
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Temperature-Controlled Warehousing: Lineage provides a vast network of cold storage facilities globally for goods requiring precise temperature environments, including frozen and refrigerated storage.
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Transportation: The company offers comprehensive cold chain transportation services, ensuring temperature-sensitive products are moved efficiently and safely across various modes.
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Value-Added Services: Lineage offers additional specialized services such as blast freezing, tempering, repackaging, order fulfillment, and inventory management to optimize the cold supply chain for its clients.
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Lineage Logistics (as referred to in your query) operates primarily as a business-to-business (B2B) company.
Note on Public Status: While your query refers to Lineage as a "public company" with the symbol "LINE", Lineage Logistics is currently a privately held company. It has confidentially filed for an initial public offering (IPO) in the past, but it is not currently traded on major public exchanges under the symbol LINE or any other.
Given its B2B model, Lineage Logistics sells its services—primarily temperature-controlled warehousing, transportation, and logistics solutions—to other companies. Due to the confidential nature of client relationships in the logistics industry, Lineage does not publicly disclose a list of its specific major customers by name. However, its major customer categories include:
- Food Manufacturers and Producers: Companies that produce a wide range of frozen and refrigerated food products, such as meats, poultry, seafood, dairy, produce, baked goods, and prepared meals. They rely on Lineage for cold storage and distribution of their products before they reach retailers or food service providers.
- Grocery Retailers: Large supermarket chains, convenience stores, and other food retailers that require robust cold chain management to store and transport their inventory of frozen and refrigerated goods from manufacturers to their distribution centers and stores.
- Food Service Distributors: Companies that supply food and related products to restaurants, hotels, schools, hospitals, and other institutional clients. These distributors utilize Lineage's services to manage their temperature-sensitive inventory and ensure timely delivery to their end customers.
- Importers and Exporters: Businesses involved in the international trade of temperature-sensitive goods that require specialized cold storage and logistics services at ports and along global supply chains.
While specific major customers are not disclosed, examples of public companies that operate within these categories and might utilize cold chain logistics services (though not confirmed customers of Lineage) include:
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- Amazon.com, Inc. (AMZN)
- Alphabet Inc. (GOOGL)
- Microsoft Corporation (MSFT)
- Nippon Telegraph and Telephone Corporation (NTTYF)
- SoftBank Group Corp. (SFTBY)
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Greg Lehmkuhl, President & Chief Executive Officer
As President & CEO of Lineage since June 2015, Greg Lehmkuhl provides strategic leadership and oversees global operations. Under his leadership, Lineage has experienced significant growth through acquisition and expansion, and has secured long-term investors. Prior to joining Lineage, he served as Corporate EVP for Con-Way (NYSE: CNW) and President of Con-Way Freight. He also held management positions at Menlo Worldwide, Delphi Automotive, and Penske Logistics. Lineage is owned by Bay Grove, LLC, a private equity firm, indicating a pattern of managing companies backed by private equity.
Rob Crisci, Chief Financial Officer
Rob Crisci was appointed Chief Financial Officer of Lineage in May 2023. He oversees Lineage's finance organization, focusing on building a world-class finance team and developing strong financial structures. Previously, Rob served as Executive Vice President and CFO at Roper Technologies (NYSE: ROP), where he led the growth of the company's market capitalization from $12 billion to over $45 billion. He played a central role in transforming Roper from a cyclical industrial company to one focused primarily on software, deploying over $20 billion in capital and leading key acquisitions. His experience includes roles in investment banking at VRA Partners and Morgan Keegan, as a buy-side advisor at Devon Value Advisers, and as a Capital Markets Consultant at Deloitte & Touche. Lineage is owned by Bay Grove, LLC, a private equity firm.
Jeff Rivera, Global Chief Operations Officer
Jeff Rivera serves as Lineage's Global Chief Operations Officer. No further detailed background information was available in the provided search results.
Natalie Matsler, Chief Legal Officer & Corporate Secretary
Natalie Matsler serves as Chief Legal Officer and Corporate Secretary at Lineage, overseeing the company's global Legal, Corporate Compliance & Ethics, Food Optimization, and Safety and Compliance Functions. She rejoined Lineage in October 2022, having previously served in various legal leadership roles at the company from 2014 to April 2021. Between her tenures at Lineage, she was a member of the executive team and General Counsel at McCourt Partners, a private investment platform, where she led several real estate development projects.
Tim Smith, Chief Commercial Officer
Tim Smith serves as Lineage's Chief Commercial Officer, responsible for delivering top-line revenue commitment and defining the company's commercial strategy. He brings over 30 years of experience in sales, new business development, account management, and marketing within the consumer-packaged goods, protein, fresh produce, and retail industries. Prior to joining Lineage, he held management positions at Millard Refrigerated Services, CHEP, and The Hershey Company.
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The key risks to Lineage's business include ongoing securities fraud lawsuits and alleged IPO misrepresentation, a significant decline in customer demand coupled with market oversupply, and persistent challenges with high operational costs impacting profitability.
- Securities Fraud Lawsuits and IPO Misrepresentation: Lineage is currently facing multiple class-action lawsuits alleging that it misled investors during its July 2024 initial public offering (IPO) by concealing a weakening in customer demand and deteriorating financial trends. These lawsuits claim that the company's strong performance from FY 2021 to FY 2023 was largely due to temporary pandemic-related demand, which was already fading by the second half of 2023. Allegations include failures to disclose critical risks and overhyping its LinOS automation system, which reportedly did not deliver promised efficiency gains. This legal scrutiny has led to a substantial drop in Lineage's stock price—over 50% from its IPO value by early 2025—and casts a shadow over its financial transparency and investor confidence.
- Weakening Customer Demand and Market Oversupply: The company is experiencing a sustained weakening in customer demand, primarily driven by post-pandemic destocking and customers adopting leaner inventory strategies. Compounding this issue is an oversupply of new cold storage facilities in the market, which further dilutes demand and negatively impacts occupancy rates and profitability. Lineage's Q1 2025 revenue declined by 2.7% year-over-year, and its operational metrics show a decrease in occupancy rates and storage revenue per pallet. This shift in market dynamics directly challenges the core business model of temperature-controlled warehousing.
- High Operational Costs and Profitability Concerns: Lineage's operations are characterized by high costs, particularly significant energy expenses for temperature-controlled warehouses, which accounted for 15% of operational costs in 2024. While the company is implementing strategies like its LinOS digital platform and lean operations to enhance efficiency and labor productivity, inflationary pressures on labor and energy continue to drive up operating expenses. Despite efforts to optimize cash flow and increase Adjusted Funds From Operations (AFFO), adjusted EBITDA has shown declines or muted growth, raising concerns about core profitability and the long-term sustainability of its dividend.
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Lineage Logistics (symbol: LINE) operates as a global leader in temperature-controlled warehousing and logistics, with its main products and services centered around cold storage warehousing and integrated transportation solutions. These services are integral to the broader cold chain market, serving diverse industries such as food and beverage, pharmaceuticals, and retail sectors.
The addressable markets for Lineage's main products and services can be identified as follows:
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Global Cold Storage Market: The global cold storage market size was valued at approximately USD 188.81 billion in 2025 and is projected to reach USD 435.18 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 12% from 2025 to 2034.
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North America Cold Storage Market: The North America cold storage market size was valued at approximately USD 59.32 billion in 2024 and is projected to reach around USD 148.65 billion by 2034, with a registered CAGR of 10.75% from 2024 to 2034.
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Europe Cold Storage Market: The European cold storage market size was valued at approximately USD 43.40 billion in 2024 and is projected to increase to over USD 109.82 billion by 2033, with a CAGR of 10.87% from 2025 to 2034.
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Asia Pacific Cold Storage Market: The Asia Pacific cold storage market size was valued at approximately USD 35.52 billion in 2024 and is expected to reach around USD 97.36 billion by 2034, with a CAGR of 11.86% from 2025 to 2034.
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Lineage (LINE) is expected to drive future revenue growth over the next 2-3 years through a multi-faceted strategy that includes strategic expansion, technological advancements, and diversification of services. Key drivers include:
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Strategic Acquisitions and Greenfield Developments: Lineage is heavily focused on expanding its cold storage network through both acquisitions of existing facilities and the development of new, state-of-the-art warehouses (greenfield developments). The company plans to deploy over $1.5 billion in capital in 2025 for its acquisition and development pipeline. Recent examples include the planned acquisition of four cold storage warehouses from Tyson Foods for $247 million and an investment of over $740 million to develop two fully automated cold storage warehouses for Tyson Foods by 2028. Lineage has a history of numerous acquisitions to expand its operational footprint and capacity globally.
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Diversification and Growth of Integrated Services: The company is actively diversifying its service offerings beyond traditional cold storage. This includes a strong focus on its Global Integrated Solutions segment, particularly U.S. transportation and direct-to-consumer (D2C) businesses, which are showing significant momentum. The acquisition of warehousing and e-commerce assets from Burris Logistics in 2023 further strengthened Lineage's direct-to-consumer fulfillment operations.
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Technological Integration and Automation: Lineage is investing in advanced technologies to enhance operational efficiency and customer service. This includes the implementation of LinOS, a proprietary warehouse execution technology piloted in 2024 to optimize operations and improve traceability, as well as AI-powered systems like Lineage Eye for automated pallet receiving. These technological advancements are expected to provide significant benefits to customers and drive stronger financial performance.
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Global Market Expansion: While recent activities show a strong focus on the U.S. market, Lineage's overall strategy includes expanding its global presence. The company operates over 450 facilities across 18 countries, and historically has expanded into international markets through strategic acquisitions, such as in Italy, Australia, Vietnam, and Spain.
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Price Increases: Lineage anticipates implementing "low single-digit price increases in 2026" as part of its strategy for industry stabilization and normalization. This indicates that strategic pricing adjustments are expected to contribute to revenue growth in the coming years.
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Share Repurchases
- In Q3 2025, Lineage repurchased $12 million in common shares for employee income taxes on stock-based compensation.
- During Q3 2025, the company also executed a $28 million redemption of common stock pursuant to a Put Option exercise.
Share Issuance
- Lineage completed its Initial Public Offering (IPO) in July 2024, listing on Nasdaq under the ticker symbol LINE.
- The IPO involved the issuance of 65,414,358 shares of common stock, including the full exercise of the underwriters' option, at $78.00 per share.
- This offering generated gross proceeds of approximately $5.1 billion, with the net proceeds primarily designated for repaying outstanding debt and for general corporate purposes.
Inbound Investments
- In September 2020, Lineage secured $1.6 billion in equity funding, allocated for technology and expansion initiatives.
- An additional $1.9 billion in equity was raised in March 2021 to support global greenfield developments, facility expansions, mergers and acquisitions (M&A), and research and development.
Outbound Investments
- Lineage acquired multiple companies in 2021 and 2022, including Kantaro SRL in Italy (November 2021), Auscold Logistics in South Australia (January 2022), and MTC Logistics in the U.S. (March 2022), which added nearly 38 million cubic feet of capacity.
- The company spent $343 million on acquisitions in 2024.
- For Q2 2025, Lineage reported $439 million in acquisitions.
Capital Expenditures
- Capital expenditures in 2024 amounted to $691 million, reflecting ongoing investments in property, plant, and equipment. In 2023, capital expenditures were $766 million.
- In Q3 2025, Lineage invested $127 million in growth capital, mainly for development projects, with 25 facilities currently in process or ramping up.
- For the upcoming year (2025 guidance given in February 2025), management plans to deploy more than $1.5 billion of capital primarily for its robust acquisition and development pipeline.
