Lineage Logistics, LLC, a leading global provider of temperature-controlled industrial REIT and logistics solutions, today completed the acquisition of Grupo Fuentes, a leading operator of transportation and cold storage facilities, including the headquarters are in Murcia, Spain.
The transaction was first announced on August 2, 2022. Grupo Fuentes operates a fleet of over 500 vehicles and trailers, six logistics centers, cold storage and value-added services supporting these facilities. It is also a founding member of Reefer Terminal, a strategic partnership to create an intermodal transport platform combining road and rail transport services in cold storage.
With the closing of the transaction, Grupo Fuentes and its 850 employees are part of Lineage. The Fuentes family will also hold senior positions within Lineage and continue to lead the strategic direction of Lineage’s operations in Europe. Rafael Fuentes, CEO of Grupo Fuentes, will focus on developing Lineage’s transportation service offering, where Grupo Fuentes already has a significant international presence. The Fuentes family will reinvest a portion of the transaction proceeds into Lineage, as a sign of their commitment to the business.
“I’m delighted we were able to move quickly from announcing the deal to finalizing it,” Fuentes said. This allows us to begin the integration process between Grupo Fuentes and Lineage and realize the benefits the agreement will bring to our customers, employees and the logistics industry in Spain and across Europe. Joining Lineage will allow us to achieve bolder ambitions than we could have achieved as a stand-alone company.
Harld Peters, President for Europe at Lineage, said: “Spain is a major food producer in Europe, and our increased presence through the acquisition of Grupo Fuentes is a key development in our plans to bring the best cold storage companies on the market. A lineage family. This acquisition will connect the end-to-end supply chain for customers in southern Europe and beyond, with facilities close to food production centers and an extensive transport fleet that will allow us to offer solutions customers that span the entire value chain.
Grupo Fuentes has its headquarters in Murcia and offices in Galicia, Madrid, Navarre, Valencia and the Netherlands. The company’s customers include some of Spain’s leading food and retail companies, with a significant portion of the business providing cold storage, transport and international transport services covering Belgium, France , Germany, Italy, the Netherlands, Portugal and the United Kingdom. Grupo Fuentes has a cold store in Murcia with 60,000 pallet positions and plans to expand the site with an additional 40,000 pallet positions.
Lineage first entered Spain in May 2021, with the acquisition of warehouses in Navarre and Asturias from Frigoríficos de Navarra and Frioastur. The acquisition of Grupo Fuentes and its transport fleet complements Lineage’s recent expansion of its European warehouses.
Deloitte acted as financial advisor and legal counsel to the Fuentes family. Rabobank and Seven Lakes Partners acted as financial advisors to Lineage and Latham & Watkins and Garrigues were its legal advisors.
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