- Lineage completes acquisition of Permanor AS, strengthening its cold storage and logistics capabilities across Norway and the broader Nordic region.
- The operations and property in Haugesund and the operations in Brumunddal will enhance Lineage's ability to serve the Nordic region's meat and food industry, with a focus on sustainability and energy efficiency.
Lineage, Inc. (NASDAQ: LINE) ("Lineage"), the world's largest global temperature-controlled warehouse REIT, today announced that it has completed the acquisition of Permanor AS, a leading provider of cold storage and logistics solutions in Norway. The acquisition includes Permanor AS's operations and property in Haugesund and Brumunddal, further strengthening Lineage's footprint in the Nordics market and enhancing its ability to serve the region's growing food supply chain.
Permanor AS specializes in freezing, thawing, storage, and logistics services, primarily catering to the meat manufacturing industry, alongside handling baked goods and other food commodities. The Haugesund site, originally built in 2009 and expanded in 2018, is strategically positioned near key harbors in Stavanger, Haugesund, and Bergen, supporting efficient distribution. The Brumunddal site, located just an hour north of Oslo, serves as a vital hub for Norwegian food logistics.
The acquisition aligns with Lineage's commitment to responsible operations, efficiency and innovation in cold storage. Permanor's Haugesund facility installed over 880 solar panels in recent years, reinforcing its efforts toward energy efficiency and sustainability. Across both sites, the facilities span over 10,000 square meters, offering approximately 24,500 pallet positions to support growing demand.
"Permanor AS's expertise and strategic locations make it a perfect fit for Lineage as we continue to strengthen our presence in Norway and the broader Nordic region," said Sean Vanderelzen, President of Europe at Lineage. "This acquisition allows us to better serve our customers with end-to-end cold chain solutions while reinforcing our commitment to responsible operations and operational excellence. We're also thrilled to welcome Hege Skogland Mokleiv, CEO of Permanor and Dagfinn Mokleiv, Technical Manager of Permanor to the Lineage family, bringing a shared passion for innovation, responsibility and excellence that perfectly aligns with our culture."
Hege Skogland Mokleiv, CEO of Permanor, added: "We're excited to become part of a bigger family, a family where everyone works together to make our industry greater, more efficient, more sustainable, and more flexible to meet customer needs and changing environments. We found that in Lineage. We love their vision for the industry, and we are happy to be invited into the family."
This acquisition further strengthens Lineage's presence in Europe and reflects its continued focus on strategic growth through acquisitions, even amid a challenging market environment, reinforcing its position as a global leader in temperature-controlled logistics.
Lineage worked closely with Seven Lakes Partners, acting as financial advisors for the buyside process.
About Lineage
Lineage, Inc. (NASDAQ: LINE) is the world's largest global temperature-controlled warehouse REIT with a network of over 485 strategically located facilities totaling approximately 86 million square feet, approximately 7.9 million square meters and approximately 3.1 billion cubic feet of capacity across countries in North America, Europe, and Asia-Pacific. Coupling end-to-end supply chain solutions and technology, Lineage partners with some of the world's largest food and beverage companies to help increase distribution efficiency, advance sustainability, minimize supply chain waste, and, most importantly, feed the world. Learn more at onelineage.com and join us on LinkedIn, Facebook, Instagram, and X.
Forward-Looking Statements
Certain statements contained in this press release may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Lineage intends for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in those acts. Such forward-looking statements can generally be identified by Lineage's use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," "seek," "objective," "goal," "strategy," "plan," "focus," "priority," "should," "could," "potential," "possible," "look forward," "optimistic," or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Such statements are subject to certain risks and uncertainties, including known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Therefore, such statements are not intended to be a guarantee of Lineage's performance in future periods. Except as required by law, Lineage does not undertake any obligation to update or revise any forward-looking statements contained in this release.
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