Mich. logistics co. acquires Wilmington port warehouse
WILMINGTON – A Michigan-based real estate investment firm and logistics company recently acquired a Baltimore-based distribution and logistics company, and in turn acquired a more 200,000-square-foot cold-storage warehouse near the Port of Wilmington.
Lineage Logistics, which focuses its global investments on temperature-controlled industrial space, acquired the 94-year-old MTC Logistics, a subsidiary of Hoffberger Holdings, owned by the Hoffberger family of Baltimore. The terms of the deal announced March 9 between the private companies were not disclosed.
In buying MTC, Lineage acquired four cold-storage warehouses near the ports of Baltimore, Wilmington, and Mobile, Ala. The Delaware warehouse is located at 2 Dock View Drive in the Delaware River Industrial Park just outside the gate of the Port of Wilmington. It has more than 6.1 million cubic feet of storage space and 31 dock doors, with access to Norfolk Southern’s rail line.
In total, Lineage will add nearly 38 million cubic feet of capacity and over 113,000 pallet positions with the addition of the MTC facilities. It already has more than 400 strategically facilities in 19 countries totaling over 2 billion cubic feet of capacity.
“MTC Logistics’ strong presence at key ports along the U.S. East and Gulf Coasts and focus on best-in-class service and innovation will help better connect our customers to the global food supply chain,” Greg Lehmkuhl, president and CEO of Lineage Logistics, said in a statement. “We look forward to welcoming the MTC team into the One Lineage family and leveraging their expertise to fulfill our vision of becoming the world’s most dynamic temperature-controlled logistics company.”
MTC Logistics, a fifth-generation family business and recognized as one of the International Association of Refrigerated Warehouses (IARW) North American Top 25, provides warehousing services including blast freezing, import/export services, case selection, transportation/port drayage and storage between -20 and 40 degrees Fahrenheit.
“As part of MTC’s nearly century-long commitment to the refrigerated and frozen warehousing and transportation industry, we have always sought opportunities to be a warm, responsive and dedicated partner to our customers,” Harry Halpert, chairman of MTC Logistics and CEO of Hoffberger Holdings, said in a statement. “Our customers and associates will benefit from Lineage’s scale and industry-leading technology, and we are fortunate to find a strong partner who shares our values and customer-centric approach.”
G2 Capital Advisors LLC and Whiteford, Taylor & Preston LLP served as financial and legal advisors to MTC, respectively.
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