Lineage Logistics buys Yearsley

Novi, Michigan, USA: Lineage Logistics has bought Yearsley Group for an undisclosed amount.

Greg Lehmkuhl, chief executive, Lineage Logistic said: “Yearsley has demonstrated a strong commitment to developing longstanding, bespoke customer relationships that is consistent with how we do business at Lineage.

“Bringing Yearsley into the Lineage family enables us to better serve customers in the UK market and further reinforces our international logistics capabilities,” he said.

“We see tremendous alignment between our two organizations, not only in our capabilities to diligently serve customers’ extended supply chains, but also in our dedication to supporting a values-based culture that empowers our growing international workforce,” he said.

“Together, we are unquestionably the highest-caliber team in the cold storage space, and we are best positioned to creatively solve our customers’ most complex logistics needs,” Lehmkuhl said.

Yearsley operates 12 coldstores and over 300 vehicles in the UK. Also included in the transaction is Yearsley Food, a frozen food supplier to retailers, food service providers, manufacturing and export channels.

Yearsley, bought by Lineage Logistics, operates 12 coldstores and over 300 vehicles in the UK

Lineage has grown through acquisitions and organically. Its acquisition of Yearsley builds on the success of its first international acquisition in 2017 in which it acquired Partner Logistics, an automated coldstore operator in Europe.

KPMG Corporate Finance team led by Jonathan Boyers in Manchester acted as financial advisor and Gateley acted as legal counsel to Yearsley Group.

Jonathan Boyers, head of M&A, KPMG, said: “This is a landmark transaction for the logistics and frozen food sectors, both of which are currently seeing elevated levels of M&A activity, and is a great example of the continuing global interest being shown in high-quality British businesses from overseas investors, despite the uncertainties posed by Brexit.

“Yearsley Group has been a family-owned business for four generations, during which it has achieved fantastic growth. We look forward to seeing its continued success under the ownership of Lineage Logistics.”

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