Lineage Logistics, a warehousing and logistics portfolio company of Bay Grove, has signed a definitive agreement to purchase Millard Refrigerated Services, a national third-party warehousing and logistics company headquartered in Omaha NE.
With the acquisition of Millard, Lineage will expand its network by 30 strategic locations and increase its footprint to more than 21 million total square feet and more than 518 million cubic feet of cold storage capacity.
The combination of Lineage and Millard will immediately double the size of Lineage’s business and create the second-largest refrigerated warehouse network globally, based on data from the International Association of Refrigerated Warehouses. Financial terms of the transaction were not disclosed. The deal is expected to close within the next 30 days.
“Bringing Millard into the Lineage family will give us additional scale to support our growth and increase our investment in innovative technology, logistics offerings, and our facilities, while adding talented management to our team,“ said Bill Hendricksen, Lineage chief executive officer. “As a result, our customers will have unparalleled geographic and service capabilities in major logistics centers throughout the country with individually designed solutions to fit their needs. Millard’s highly reputable operations and dedicated focus on service makes the company a great fit for Lineage.”
Millard’s CEO and owner, Lance Larsen, will become a board member of and investor in Lineage.
Larry Larsen founded Millard in 1963 to serve the American food industry in the Midwest. Since then, the family-owned-and-operated company has grown its network to 30 facilities across the United States totaling 228 million cubic feet of capacity. Besides cold storage distribution and warehousing, Millard provides a variety of value-added food logistics services including transportation, high-pressure processing, and food manufacturing.
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