US-based Lineage Logistics acquires Yearsley Group
Date published: 13 November 2018
Yearsley's 60th anniversary wagon
Lineage Logistics Holdings has announced it has acquired Yearsley Group Limited.
Jonathan Baker, Chief Executive of Yearsley Group said: “Our acquisition by Lineage is a tremendous opportunity for Yearsley customers and employees alike.
“Lineage’s commitment to innovation and service is unmatched, and we are excited to strengthen our ability to partner and grow with customers on a global scale unlike ever before.”
Greg Lehmkuhl, President and Chief Executive Officer of Lineage Logistics said: “Lineage’s commitment to innovation and service is unmatched, and we are excited to strengthen our ability to partner and grow with customers on a global scale unlike ever before.
“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.
“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.
“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.”
In its 66-year history, Yearsley has grown to become one of the most respected temperature-controlled logistics providers in the UK, operating a network of 12 cold stores nationwide. With over 300 vehicles, Yearsley complements its cold storage solutions with high-impact, value-added transportation services, following a similar model to Lineage’s US-based operations. Also included in the transaction is Yearsley Food, a national frozen food supplier that supports customers across retail, food service, food manufacturing and export channels.
Since its founding in 2008, Lineage has evolved through both acquisitions and organic growth. The company’s acquisition of Yearsley builds on the success of its first international acquisition in 2017 in which Lineage acquired Partner Logistics, a leading automated cold storage provider in Europe.
Jonathan Boyers, head of Mergers and Aquisitions at 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.”
Financial terms of the transaction were not disclosed.
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