Lineage Logistics, LLC | April 18, 2022
Lineage Logistics, LLC (“Lineage” or the “Company”), one of the world’s leading and most innovative temperature-controlled industrial REITs and logistics solutions providers, announced it has signed a definitive agreement to acquire VersaCold Logistics Services (“VersaCold”), a leading cold chain solution provider in Canada, from TorQuest Partners (“TorQuest”) and its co-investment partners, The Investment Management Corporation of Ontario (“IMCO”) and OPTrust. Financial terms of the transaction were not disclosed.Founded in 1941 and headquartered in Vaughan, Ontario, VersaCold is a cold chain leader that runs 24 temperature-controlled facilities comprising 114 million cubic feet of storage and 361,000 pallet positions. Its strategically-positioned network spans nine provinces and includes properties in Canada’s most populous metropolitan markets—including Toronto, Calgary, Vancouver, Edmonton, and Montreal. VersaCold also offers an integrated, asset-based inbound and outbound temperature-controlled transportation solution that operates out of nine terminals across the country and provides coast-to-coast service capabilities.
Our acquisition of VersaCold represents yet another milestone and an important broadening of our business in Canada,” said Greg Lehmkuhl, President and CEO of Lineage Logistics. In its 80-plus year history, VersaCold has built a stellar reputation by providing customers with differentiated and fully integrated warehousing and transportation solutions across Canada. We are excited to bring them into the One Lineage family and work alongside the VersaCold leadership team to better serve customers across North America. We also look forward to supporting capacity expansion plans at a number of warehouses across key Canadian markets.
"We look forward to embarking on this journey with Lineage Logistics, Lineage has emerged as a world leader in creating innovative solutions to help reduce waste across the temperature-controlled supply chain. Combining our seasoned team and our complementary facility network with Lineage will create an even more dynamic company capable of supporting the growing needs of our customers in Canada and around the globe.”
-Mike Arcamone, President and CEO of VersaCold Logistics Services.
TorQuest has enjoyed our partnership with Mike and the VersaCold team, and the opportunity to provide capital to invest in and reposition its facility network for the future” said Jonathan Fraser, Partner at TorQuest. “VersaCold has thrived under our ownership, and we are very pleased to have Lineage step in to drive the next chapter for the business. We are also excited to be investing in Lineage as part of this transaction and for our investors to participate in future value creation.
The acquisition is expected to close in the third quarter of 2022 subject to customary closing conditions.
Wells Fargo Securities, LLC acted as the exclusive financial advisor to VersaCold and TorQuest and Stikeman Elliott LLP served as legal counsel. JP Morgan Chase and Scotiabank acted as Lineage’s financial advisors and Latham & Watkins as well as Bennett Jones acted as its legal counsel.
About Lineage Logistics
Lineage Logistics is one of the world’s leading temperature-controlled industrial REITs and logistics solutions providers. It has a global network of over 400 strategically located facilities totaling over 2 billion cubic feet of capacity which spans 19 countries across North America, Europe and Asia-Pacific. Lineage’s industry-leading expertise in end-to-end logistical solutions, its real estate network, and development and deployment of innovative technology help increase distribution efficiency, advance sustainability, minimize supply chain waste, and most importantly, as a Visionary Partner of Feeding America, help feed the world. In recognition of the company’s leading innovations and sustainability initiatives, Lineage was listed as No. 17 in the 2021 CNBC Disruptor 50 list, the No 1. Data Science company, and 23rd overall, on Fast Company’s 2019 list of The World’s Most Innovative Companies, in addition to being included on Fortune’s Change The World list in 2020. (www.lineagelogistics.com)
About VersaCold Logistics Services
VersaCold is one of Canada's leading supply chain solutions companies focused exclusively on the handling of temperature sensitive food products. VersaCold delivers a suite of fully integrated logistics services through its national network of industry leading facilities, transportation fleet and advanced technologies that set the benchmark for accessibility, information visualization, real-time tracking and inventory management. VersaCold is proud to play a key role in ensuring the safety, quality and freshness of some of North America's most beloved food brands, protecting the health and wellness of families across Canada from coast to coast. For more information about VersaCold, please visit www.versacold.com.
About TorQuest Partners
Founded in 2002, TorQuest Partners is a Canadian-based manager of private equity funds. With more than C$3.5 billion of equity capital under management, TorQuest is currently investing from TorQuest Partners Fund V, a C$1.4 billion fund that closed in March 2020. TorQuest invests in middle market companies and works in close partnership with management to build value. To learn more about TorQuest, please visit www.torquest.com.
REV Ambulance Group | March 07, 2022
REV Group, Inc. (NYSE: REVG) which includes companies that manufacture Horton®, AEV®, Road Rescue®, Wheeled Coach® and Leader® brand ambulances, announces the delivery of an all-electric, zero-emission ambulance to DocGo, a leading provider of last-mile mobile health services and integrated medical mobility.Manufactured at Leader Emergency Vehicles in South El Monte, CA, this all-electric ambulance eliminates the pollution of a standard gasoline ambulance. In addition to being less harmful to the planet, the electric ambulance has the potential to lower patient transportation costs due to lower fuel costs and maintenance needs.
“We are committed to lead the industry in electric ambulances to meet the sustainability missions of our customers, such as DocGo’s goal to have an all-electric fleet by 2032, We’re delighted to help DocGo reach their target, with the support of our partner Lightning eMotors.”
-Anoop Prakash, president, REV Ambulance Group.
Lightning eMotors, a leading provider of zero emissions medium duty commercial vehicles and electric vehicle technology for fleets, worked with Leader and DocGo to create the new vehicle. The Ford Transit T350 Type II ambulance chassis was electrified at Lightning eMotors and built at Leader’s facility. Leader’s High Roof Transit van offers up to 86 kWh of battery capacity that can be charged via Level 2 AC charging or DC fast charging. This model is equipped with dual rear wheels, increased interior headroom to aid crews in loading and unloading their patient, as well as an extended body length to provide more workspace for patient care.
"We are honored to have had the opportunity to work alongside Leader on this exciting initiative for DocGo, In addition to being environmentally-friendly, the drastic reduction in pollutants is better for the overall health of the patients being transported.”
-Nick Bettis, director of marketing and sales operations at Lightning eMotors.
The DocGo delivery, along with recent orders from American Medical Response (AMR) and Hamad Medical Corporation (Qatar), further demonstrates REV’s leadership in bringing innovative technology to the EMS community.
About REV Group, Inc.
REV Group® companies are leading designers and manufacturers of specialty vehicles and related aftermarket parts and services, which serve a diversified customer base, primarily in the United States, through three segments: Fire & Emergency, Commercial, and Recreation. They provide customized vehicle solutions for applications, including essential needs for public services (ambulances, fire apparatus, school buses, and transit buses), commercial infrastructure (terminal trucks and industrial sweepers), and consumer leisure (recreational vehicles). REV Group's diverse portfolio is made up of well-established principal vehicle brands, including many of the most recognizable names within their industry. Several of REV Group's brands pioneered their specialty vehicle product categories and date back more than 50 years. REV Group trades on the NYSE under the symbol REVG. Investors-REVG
About Leader Emergency Vehicles
Leader®, a manufacturer of premium fit and finish Type I, Type II and Type III ambulances, has served the cities and communities in Southern California for over 45 years with 95% of sales come from California public and private departments. Located in South El Monte, California, Leader’s facility is 100,000 sq. ft. over two acres.
About Lightning eMotors
Lightning eMotors (NYSE: ZEV) has been providing specialized and sustainable fleet solutions since 2009, deploying complete zero-emission-vehicle (ZEV) solutions for commercial fleets since 2018 – including Class 3 cargo and passenger vans, ambulances, Class 4 and 5 cargo vans and shuttle buses, Class 4 Type A school buses, Class 6 work trucks, Class 7 city buses, and Class A motor coaches. The Lightning eMotors team designs, engineers, customizes, and manufactures zero-emission vehicles to support the wide array of fleet customer needs with a full suite of control software, telematics, analytics, and charging solutions to simplify the buying and ownership experience and maximize uptime and energy efficiency. To learn more, visit our website at https://lightningemotors.com.
Total Transportation Services | April 12, 2022
Total Transportation Services (“TTSI”) has completed its sixth industry acquisition since August 2019 by purchasing Marine Container Services (“MCS”). MCS is a Newark, NJ-based provider of intermodal drayage and warehousing services to beneficial cargo owners (BCOs) moving cargo through the Ports of Newark and the Port of Savannah and operates a fleet of over 130 tractors and approximately 300,000 sq. ft. of warehousing space across four facilities. MCS marks TTSI’s second acquisition in New Jersey and the third acquisition on the East Coast, all within the last year.
“This acquisition of MCS further solidifies TTSI’s position as a market leader in providing logistics services to the nation’s largest importers and other strategic customers. We are truly a nationally focused company with a national presence, able to service customers at every gateway,”
-Vic LaRosa, co-founder and President of TTSI.
As the supply chain continues to face unprecedented capacity constraints, TTSI’s growth comes at a critical time. “With these strategic acquisitions, we have positioned ourselves to withstand continued pressure on the supply chain.” La Rosa added.
With over 250 trucks nationwide, including alternative fuel platforms, TTSI remains an industry leader in the intermodal drayage business, both operationally and environmentally.
About Total Transportation Services Inc. (TTSI)
TTSI is a leading logistics services provider with distinct expertise in distributing imports within the US and Canada. The company is headquartered in Southern California and also has operations in Northern California, Savannah, Mobile, Newark, Seattle, Chicago, and Virginia.
DealerOn | March 03, 2022
DealerOn and DRAIVER announced a strategic partnership today that will give dealers a turnkey solution for test drives and vehicle delivery that is fully integrated into the online shopping process through DealerOn's Apex digital retailing tool.
The agreement brings together DealerOn, the leader in automotive websites, with DRAIVER, the number one logistics platform, on-demand driver marketplace and vehicle delivery system.
The process of moving inventory around is wildly inefficient and costly for dealers, DRAIVER comes to the dealer's rescue by offering a solution that pairs dealers with vetted drivers that can get cars into the hands of car shoppers without the overhead. The direct integration with DealerOn's Apex means it's never been easier for our mutual dealership customers to ensure test drives are quick and easy."
DealerOn CEO Ali Amirrezvani.
When using Apex to browse a dealership's inventory, customers have a safe and easy way to have any vehicle delivered to them for a test drive.
DRAIVER is thrilled to partner with DealerOn, giving us the opportunity to integrate our AI powered vehicle delivery platform combined with our national marketplace of vetted and insured drivers directly with DealerOn, whose new products are poised to be the standard for online retailing will provide our mutual client dealerships the best-in-class tools and services they need to compete in today's digital retail and home delivery marketplace."
Anthony Monteiro CRO at DRAIVER
DealerOn is the leader in automotive digital marketing, providing dealerships with platforms scientifically engineered to generate more leads than the competition, to crafting a web presence as personal as each individual dealership. DealerOn has extensive partnerships with the biggest names in the industry from Ford to GM and looks forward to a long and fruitful collaboration with DRAIVER.