Lineage Logistics, LLC announced it has signed a definitive agreement to acquire Ontario Refrigerated Services, Inc. (“ORS”), a leading family-operated cold storage company offering temperature-controlled space in the Greater Toronto market, marking Lineage’s entrance into the Canadian market. Financial terms of the transaction were not disclosed.
Established in 2003 by Founder and President Roger Kropf and Controller and CGA Accountant Kate Kropf, ORS is a leading cold storage partner with its long-tenured customer relationships and wholly-owned facilities strategically located near customers’ production facilities. The acquisition of ORS includes four young and modern facilities within 150 km (~93 miles) of Toronto that collectively offer 510,000 square feet (16.2 MM cubic feet) and 100,000 pallet positions of refrigerated capacity.
“We are thrilled to expand our industry-leading, global network into the Canadian market and can think of no better group with whom to begin this journey than the ORS team,” said Greg Lehmkuhl, President and Chief Executive Officer of Lineage. “The Ontario market is a cornerstone of the Canadian economy, making this the natural place for Lineage to launch our broader Canadian market platform. Further, ORS’s entrepreneurial spirit and local roots are a great fit with the Lineage culture. We’re excited to have this starting point to expand further in Canada."
Lineage has partnered on this investment with CapCold Group Inc., an entity formed by Robert and Patrick Molyneux to pursue the acquisition of North American cold storage companies, with in-depth experience in major Canadian market centers. Robert and Patrick Molyneux will join the Lineage team as advisors as the Company works to strengthen its Canadian platform. “We look forward to working with the ORS and Lineage management teams to further expand their Canadian market footprint,“ said Robert Molyneux, President and Chairman of CapCold.
“Kate and I are pleased to congratulate Lineage on the acquisition of Ontario Refrigerated Services, Inc.,” said Roger Kropf, ORS Founder and President. “The support of our customers and team have contributed to our rapid growth and success for the past 17 years, and I believe Lineage and CapCold are the right partners to take ORS into the future.“
Following the close of this transaction, the combined Company will feature a global footprint that spans over 1.9 billion cubic feet of temperature-controlled capacity across over 300 facilities in 13 countries spanning North America, Europe, Asia, Australia, New Zealand, and South America.
The transaction is expected to close in the coming weeks, subject to customary closing conditions.