Murcia, Spain: Lineage Logistics has completed its acquisition of Spanish cold storage operator Grupo Fuentes.
The deal was announced at the begining of August.
Grupo Fuentes, based in Murcia, Spain, operates 500 vehicles, six logistics sites and one coldstore with s 60,000 pallet positions. There are plans to expand this coldstore to accommodate 100,000 pallets.
“This acquisition will connect the end-to-end supply chain for customers in Southern Europe and beyond, with facilities near food production centers and an extensive transport fleet that will allow us to offer customer solutions that extend throughout the entire value chain,” Harld Peters, president, Lineage’s European operations, said in a statement.
Grupo Fuentes chief executive Rafael Fuentes will remain with the company along with other Fuentes family members. The Fuentes family will reinvest an undisclosed amount of the proceeds from the sale into Lineage.
“I am delighted that we could move quickly from announcing the deal to finalizing it,” said Fuentes. “Joining Lineage will allow us to achieve bolder ambitions than we could have achieved as a stand-alone company.”
Lineage entered the Spanish market a year ago with the acquisition of Frigoríficos de Navarra and its nearly 20 million cubic feet of capacity and a 1 million-cubic-foot site from operator Frioastur.
