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  • Writer's pictureRealFacts Editorial Team

Lineage Inc. Prepares for IPO as Largest Global Temperature-Controlled Warehouse REIT


Lineage sign

Lineage Inc., the world's largest temperature-controlled warehouse real estate investment trust (REIT), has filed for an initial public offering (IPO) on the Nasdaq under the ticker symbol “LINE,” according to reports by Steve Gelsi and MSN.com. This IPO presents a compelling opportunity for investors, highlighting Lineage’s extensive global reach and robust financial performance.


Lineage has yet to disclose the estimated price range or the number of shares for the IPO. However, the involvement of a significant underwriting team, including Morgan Stanley, Goldman Sachs, BofA Securities, J.P. Morgan, and Wells Fargo Securities, suggests a substantial offering. The participation of these major financial institutions underscores strong market confidence in Lineage’s growth prospects.


For investors evaluating Lineage, the company’s financial health is a crucial consideration. In the first quarter of 2024, Lineage reported a net operating income of $59.7 million on revenue of $1.33 billion, up from $57.9 million in net operating income on the same revenue in the first quarter of 2023. For the full year 2023, Lineage achieved a net operating income of $243.9 million on revenue of $5.34 billion, compared to $233.6 million on revenue of $4.93 billion in 2022. This consistent financial growth underscores Lineage’s strong market position and operational efficiency.


Founded in 2008 by Adam Forste and Kevin Marchetti, Lineage has grown into a global leader in temperature-controlled logistics. The company operates 482 properties worldwide, becoming the largest cold-storage provider in 2019 through strategic acquisitions and expansions. Lineage employs approximately 26,000 people across 19 countries, reflecting its expansive operational footprint.


The company’s controlling shareholder, Bay Grove Capital Group LLC, founded by Forste and Marchetti, has been instrumental in Lineage’s growth. Their leadership continues to drive the company’s strategic vision. In their letter to prospective IPO shareholders, Forste and Marchetti emphasized the benefits of going public, highlighting the access to lower-cost capital and the liquidity that public markets provide, which are essential for sustaining and accelerating growth.


Lineage's ability to raise significant capital is evident from its $2.4 billion equity raise in 2022. Moreover, the strategic appointment of Bob Crisci as Chief Financial Officer in 2023, following his role at Roper Technologies Inc., is expected to bolster Lineage’s financial management and strategic planning capabilities.


For potential investors, Lineage’s IPO represents an opportunity to invest in a market leader with a proven track record of growth and profitability. The company’s extensive global operations and strategic acquisitions position it well to capitalize on increasing demand for temperature-controlled logistics solutions.


Lineage's management believes that entering the public market will enhance its growth trajectory by providing direct access to capital and increasing operational flexibility. “We strongly believe the public market is the best way to deliver growth at scale,” stated Forste and Marchetti, highlighting their commitment to leveraging the advantages of public trading to sustain their success.


Lineage Inc.'s IPO is a significant event for investors seeking exposure to the temperature-controlled logistics sector. The company’s strong financial performance, strategic leadership, and expansive global operations make it a promising investment opportunity. As Lineage prepares to go public, it stands ready to leverage new capital for continued growth and market leadership.

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