Yearsley has been sold to a US company for an undisclosed sum. The deal will see Yearsley expand its global footprint and extend its supply chain.
Jonathan Baker, CEO 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 CEO of Lineage Logistics, said:
“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.”
Yearsley, which was established 66-years ago, operates a network of 12 cold stores nationwide with over 300 vehicles.
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.
Rabobank acted as lead financial advisor, Houlihan Lokey acted as financial advisor and Latham & Watkins acted as legal counsel to Lineage Logistics.
KPMG Corporate Finance team led by Jonathan Boyers in Manchester acted as financial advisor and Gateley acted as legal counsel to Yearsley Group.
Jonathan Boyers, head of M&A 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.”
Source: Manchester Evening News