COLTON, Calif., Dec. 12, 2012 (GLOBE NEWSWIRE) -- Lineage Logistics ("Lineage"), a warehousing and logistics company sponsored by Bay Grove Capital LLC ("Bay Grove"), announced today that it plans to open and operate a new 196,000 square foot cold storage facility on the Port of Long Beach ("Port") by mid-2014. Baker Cold Storage ("Baker"), a division of Baker Commodities, Inc. of Vernon, California, has acquired the property and will own the new facility and business. Lineage will manage the operations at the new facility and Controlled Environments Construction ("CEC") will act as developer and general contractor.
Wells Fargo provided Baker, a longtime customer of the bank, with financing in late November to purchase the property, according to Catherine Abe, Wells Fargo Commercial Banking senior vice president and relationship manager.
Located in the overweight corridor of Pier B on the Port, the facility will feature multi-temperature and convertible freezer and cooler rooms with 27,000 pallet positions and a 60 foot refrigerated dock. The facility will also provide various ancillary services, including blast freezing and pre-cooling capabilities, to support a diverse range of food commodities and products. Included in the facility will be an enclosed and refrigerated 50,000 square foot cross dock facility that will enable rapid movement of products for international shipping and distribution to the market. In addition, the property will provide convenient access to transportation with ample truck, trailer, and container parking that are container friendly, featuring plug-in capabilities and rail access served by Union Pacific and Burlington Northern Santa Fe (BNSF). Customers will benefit from full-service freight consolidation, LTL & TL, drayage capabilities and the ability to conduct international trade in an import / export-approved location.
"The on-port facility in Long Beach enables Lineage to gain access to one of the world's busiest seaports and facilitate temperature-controlled logistics for international trade," said Bill Hendricksen, CEO of Lineage. "By expanding Lineage's operations to the Port, we are able to offer our customers strategic, direct access to international markets, while creating 100 additional domestic jobs and contributing to the growth of the Port to boost the local economy".
About Lineage Logistics: Lineage Logistics is the 3rd largest temperature-controlled warehousing and logistics company in the U.S. The company was founded through the combination of premier, temperature-controlled warehousing companies, some of whose roots date back to the early 1900s. Today, all its companies are unified with a shared vision of being the leading national supply chain company serving the nation's food, retail, agriculture, and distribution companies. (www.lineagelogistics.com)
The Lineage Logistics Logo is available a http://www.globenewswire.com/newsroom/prs/?pkgid=16202
About Baker Cold Storage: Baker Cold Storage owns two cold storage facilities in the City of Vernon that are managed by Lineage Logistics. The current facilities total 320,000 square feet of cold storage capacity and handle domestic as well as import / export commodities. Baker Commodities, Inc. is a worldwide leader in the animal by-products rendering industry. (www.bakercommodities.com)
About Bay Grove Capital: Bay Grove Capital is a principal investment firm dedicated to partnering with strong management teams to invest and build long-term platform investments. Over the last four years, Bay Grove has built Lineage Logistics through nine acquisitions completed in partnership with entrepreneurs, managers and employees. The firm has deep experience in the warehousing and logistics industry and also seeks to make investments in other attractive sectors. Bay Grove Capital is based in San Francisco. (www.baygrovecapital.com)
About Wells Fargo Commercial Banking: Wells Fargo Commercial Banking serves middle market businesses with annual revenues of $20 million to $1 billion. Nationwide, Wells Fargo is the No. 1 commercial bank in the markets it serves. In addition to providing a world class customer experience for its clients, Wells Fargo commercial bankers also are committed to being good citizens, from charitable giving to volunteering and public service. (www.wellsfargo.com)
About Controlled Environments Construction: CEC is a national developer and contractor of low temperature buildings servicing perishables and is headquartered in Tustin, California. (www.controlledenvironments.com)
CONTACT: Bill Hendricksen 909-433-3101
Source:Bay Grove Capital Group LLC