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.
Penske | April 19, 2022
Penske Truck Leasing today announced it has ordered 750 all-electric Ford E-Transit cargo vans. The company is taking delivery of its first several vehicles in the next several weeks. The move follows successfully piloting the vehicles late last year.We're excited to help bring these new vehicles to market as both a rental and full-service lease option for our customers," said Art Vallely, president of Penske Truck Leasing. "We continue to expand and diversify our fleet of electric vehicles and to offer new options for customers seeking more sustainable choices when it comes to transportation.
Penske's first Ford E-Transit vehicles will be made available in Southern California with other locations around the U.S. phased in later in the year. These are the first light-duty electric trucks to be made available in Penske's rental and leasing fleet, as previously announced.
Once these Ford E-Transit electric zero tailpipe emission vehicles go into service, they will be made available for both rental and longer-term full-service leasing. Penske's long-term plans include adding more of these units to its wider network of rental and leasing locations across North America.
The Ford E-Transit is the first all-electric cargo van from a full-line automaker in North America as the electric version of the Ford Transit. It has an estimated range of 126 miles.
Penske Truck Leasing will display the Ford E-Transit and other electric vehicles within its booth at the upcoming Advanced Clean Transportation (ACT) Expo in Long Beach, California.
Penske Truck Leasing is a Penske Transportation Solutions company headquartered in Reading, Pennsylvania. A leading global transportation services provider, Penske Truck Leasing operates more than 372,000 vehicles and serves customers from more than 1,300 locations in North America, South America, Europe, Australia and Asia. Product lines include full-service truck leasing, contract maintenance, commercial and consumer truck rentals, used truck sales, transportation and warehousing management and supply chain management solutions. Visit www.pensketruckleasing.com to learn more.
Körber | March 17, 2022
Körber will launch new software solutions and capabilities spanning warehouse management, warehouse control, robotics, voice and simulation to empower businesses worldwide to further digitize and automate warehouses in light of today's immense supply chain pressures.
Supply chain has moved from a back-office function to a boardroom imperative," said Richard Stewart, Executive Vice President of North America at Körber Supply Chain Software. The pandemic, labor shortages, cost increases, fuel prices, material shortages, and beyond – these challenges are real and here to stay. Unlike anyone else, Körber brings to market an unmatched depth of digital technologies that conquer these complexities.
"Digitization is a strategic priority for more than 80% of supply chain executives, Yet, many businesses struggle to digitize at the pace they need. From handling the rapid expansion of e-commerce to the increasing interconnectivity of the global economy, major technology advances are pivotal. Körber will enhance its already unrivaled portfolio of software solutions to empower businesses to drive even more value for their customers and consumers around the globe."
-Sean Elliott, Chief Technology Officer for Körber Supply Chain Software
In a rapidly growing industry, businesses need a full portfolio provider with a wide range of technologies to tackle supply chain complexity. Focused on rising consumer expectations, labor challenges and a growing emphasis on sustainability, Körber plans the current solution advances for 2022:
The cloud: As part of the Körber One platform strategy, Körber will continue bringing its solutions to the cloud to increase efficiency, reliability, resilience, green practices and cybersecurity. This includes the K.Motion Warehouse Management System (WMS), K.Sight CLASS for warehouse modelling and simulation, and Körber's series of add-ons spanning visibility to data analytics – the K.Motion Essentials.
Unified Control System (UCS): Already boasting globally successful voice solutions and the most extensive network of AMR partnerships worldwide, Körber will solidify its leading voice and robotics practice with a unified control system. The UCS will uniquely integrate and control different working models – fixed automation, voice systems, and 3rd party AMR systems – under a single tool. Availability is expected the second half of 2022.
K.Sight CLASS for operations: New advances connect data on daily operations from the WMS for real-time planning and design. The result is immediate visibility into operational health and stronger strategic planning. This includes effectively handling disruptions, e-commerce growth and heightening consumer expectations.
During the conference, customers spanning all industries, sizes and needs, will present how they are revolutionizing supply chains with Körber. Selective examples include:
SanMar discusses its journey modernizing operations with Körber's WMS and voice solutions for a more sustainable supply chain.
Lineage Logistics elaborates on how Körber's WMS enabled them to achieve efficient and sustainable operations – all while optimizing its warehouse layout.
Big Rock Sports, joined by Körber's partner enVista, shares best practices and experiences implementing Körber's WMS.
ISN displays how it improved working conditions and bolstered productivity with a robotics solution from Körber and Locus Robotics.
Biagi Bros showcases how it improved agility and resilience while driving innovation with the Oracle Cloud and Körber's WMS.
Kenco Group describes its AMR deployment for e-commerce fulfillment, focused on productivity and labor dependency.
Nassau Provisions, using Körber's WMS and voice technology, shares how it scaled food distribution operations in light of rapid growth.
Ariat speaks to its combination of Körber's WMS and AMR solution from Geek+ to improve customer and employee experiences and enable workforce flexibility.
Bimbo Bakery overviews how it is revolutionizing retail execution with a smarter and more efficient frontline through direct-store delivery with K.Motion OmniTech.
Further information on Körber's solution roadmap and customer success stories is available at Elevate Americas, held virtually from March 14-16, 2022. Registration is available now and throughout the event, with content available on demand for 90 days.
About the Körber Business Area Supply Chain
Supply chains are growing more complex by the day. Körber uniquely provides a broad range of proven, end-to-end supply chain solutions fitting any business size, strategy or appetite for growth. Capable of delivering software, automation, voice, robotics, and materials handling – plus the expertise to tie it all together. We are a global partner not just for today, but also as the needs of supply chains continue to evolve. Conquer supply chain complexity – with Körber. The Business Area Supply Chain is part of the global technology group Körber. Find out more on www.koerber-supplychain.com.
SECURITY SCORECARD | March 11, 2022
SecurityScorecard, the global leader in cybersecurity ratings, announced a partnership with the Maritime Transportation System Information Sharing and Analysis Center (MTS-ISAC). This partnership will enable MTS-ISAC to increase security and resiliency through complimentary access to the SecurityScorecard platform. This will enable MTS-ISAC to monitor its own organizations, as well as the vendors and counterparties it leverages to run its respective businesses. This partnership will also serve to strengthen the collective supply chain formed by MTS-ISAC members, which addresses some of the challenges unearthed in a recently released report on the U.S shipping industry, "Proactive Security Measures for Global Maritime Shipping." The report, authored by SecurityScorecard researchers, concludes that cyber vulnerabilities are a significant risk to U.S. maritime security.
According to guidelines released by the International Association of Ports and Harbors in September 2021, the maritime industry in general suffered a fourfold increase in cyber attacks and those attacks against OT systems specifically increased by 900 percent over the last three years.
This partnership will enable MTS-ISAC to increase security and resiliency through the SecurityScorecard platform.
"The integration of technology into maritime operations enables greater efficiency, but also emphasizes the importance of preventing cybersecurity catastrophes. We know by the increase in malicious activity aimed at vessels, shoreside facilities, ports and other infrastructure that cyberthreats are not limited to land borders, We help the maritime industry to mitigate rising cyber threats by providing greater efficiency and utilizing trusted and transparent scoring models for maritime operators."
-Aleksandr Yampolskiy, co-founder and CEO of SecurityScorecard
SecurityScorecard's platform aligns with the mission of MTS-ISAC to promote and facilitate maritime cybersecurity information sharing, awareness, training and collaboration efforts between private and public sector stakeholders. This partnership furthers the mission to advance cyber risk management across the MTS community through effective information sharing for the improved identification, protection, detection, response and recovery efforts related to cyber risks.
"The different cybersecurity challenges posed by information technology (IT) and operational technology (OT) systems combined with the complexity of the maritime industry's supply chain create challenges for risk management, SecurityScorecard can help maritime industry stakeholders to understand the changing cyber risk landscape by allowing operators to see the same vulnerabilities and risks that malicious actors see."
-Scott Dickerson, executive director at MTS-ISAC
Our market leading cybersecurity ratings now reach 13 ISAC partners, and through the addition of the MTS-ISAC, SecurityScorecard can help the maritime industry manage its unique digital ecosystems that are a result of increased use of cloud-enabled IT/OT/IIoT systems," continued Yampolskiy. "We also support more than 400 member companies of various ISACs, and we look forward to continuing to expand this program in the coming year."
SecurityScorecard collects and analyzes global threat signals that give organizations instant visibility into the security posture of vendors and business partners as well as the capability to do a self-assessment of their own security posture. The technology continuously monitors 10 groups of risk factors to instantly deliver an easy-to-understand A-F rating.
To access the report on Proactive Security Measures for Global Maritime Shipping, visit https://securityscorecard.com/resources/maritime-shipping. To learn more about SecurityScorecard's partnership with MTS-ISAC, visit https://securityscorecard.com/mts-isac .
Funded by world-class investors including Evolution Equity Partners, Silver Lake Partners, Sequoia Capital, GV, Riverwood Capital, and others, SecurityScorecard is the global leader in cybersecurity ratings with more than 12 million companies continuously rated. Founded in 2013 by security and risk experts Dr. Aleksandr Yampolskiy and Sam Kassoumeh, SecurityScorecard's patented rating technology is used by over 30,000 organizations for enterprise risk management, third-party risk management, board reporting, due diligence, and cyber insurance underwriting. SecurityScorecard continues to make the world a safer place by transforming the way companies understand, improve and communicate cybersecurity risk to their boards, employees and vendors. Every organization has the universal right to their trusted and transparent Instant SecurityScorecard rating. For more information, visit securityscorecard.com or connect with us on LinkedIn.