~ Following the acquisition, Turvo will continue to operate independently under its own brand, and have its own management team and board of directors ~
~ Acquisition is part of Lineage’s ongoing strategy to invest in technologies that can transform the global food supply chain ~
~ Turvo’s software platform unifies the supply chain by enabling real-time collaboration, visibility and execution for different modes of transportation and geography~
NOVI, Michigan, June 02, 2022-(BUSINESS WIRE)-Lineage Logistics, LLC (“Lineage” or the “Company”), the world’s largest temperature-controlled industrial REIT and logistics solutions provider, announced today that it has acquired Turvo Inc., a leading provider of supply chain management, collaboration and visibility software. The financial terms of the transactions were not disclosed.
The acquisition represents an extension of the companies ’long -standing partnership (including a former investment in Turvo by Lineage Ventures) and their shared vision of working with the supply chain. With Lineage’s support, Turvo will continue to focus on its customers, accelerate change in its technology offering and expand into new adjacent markets under its own brand as a wholly-owned subsidiary of Lineage.
“The acquisition of Turvo Lineage represents a natural extension of our partnership, which allowed us to successfully launch Lineage Link ™ last year,” said Adam Forste, Lineage Co-Executive Chairman and Co-Founder and Partner. director of Bay Grove, founding company and manager of Lineage. “We wholeheartedly believe in Turvo’s mission to increase visibility and synergies within the supply chain, and see it as an opportunity to create additional value for Lineage and Turvo customers. I look forward to leading Turvo’s new Board of Directors and working with leaders to advance the company’s roadmap and create smarter, more sustainable supply chains. »
“Today is a great day for Turvo employees, customers and partners,” said Scott Lang, President and CEO of Turvo. “With the support of Lineage and Bay Grove, Turvo will accelerate innovation by achieving greater reach and scale than ever before, further advancing the digitalization of the supply chain around the world. Our customers will benefit from increased investment in our vision and technology. »
“Acquisition comes amid increasing demand for transportation and warehousing, and at an important time as the supply chain faces unprecedented challenges,” said Sudarsan Thattai, Lineage’s director of Information and Chief Transformation Officer. “By joining forces with Turvo, we have a unique opportunity to mitigate the impact of these challenges for customers. For example, driver shortages and port congestion can be solved by reducing the number of trucks or containers needed to deliver product from the farm to the fork. The Turvo platform matches customers with assets such as trucks, trains, or containers that would otherwise be less available. »
“The deepening of our relationship with Turvo shows how committed we are to change and will allow us to pursue our goal of transforming the food supply chain to eliminate waste and help feed the world,” said Greg Lehmkuhl, president and CEO of Lineage. “Through this investment, we will be able to accelerate innovative technology that utilizes large -scale supply chain synergies, solve network density and utilization challenges, as well as reduce supply chain complexity and waste for all participants, be customers, shippers, carriers, etc. »
About Lineage Logistics
Lineage Logistics is the largest industrial temperature-controlled SCPI and provider of logistics solutions. It has a global network of more than 400 strategically located facilities, with a total capacity of more than 2 billion cubic feet, covering 20 countries in North America, Europe and Asia-Pacific. Lineage’s industry-leading expert practices and end-to-end logistics solutions, unparalleled real estate network, and development and deployment of innovative technology drive distribution efficiency, advance sustainability, reduce supply chain losses and, most importantly, as a Visionary Partner of Feeding America, help feed the world. In recognition of the company’s leading innovation and sustainability, Lineage was named one of America’s Best Managed Companies for 2022 (“2022 US Best Managed Company”); also ranked #3 on the 2022 CNBC Disruptor 50 list, #17 on the 2021 CNBC Disruptor 50 list, recognized as the #1 data science company, was ranked the #23 winner of Fast Company’s 2019 The World’s Most Innovative Companies list, and became included in Fortune magazine’s 2020 “Change The World” list. (www.lineagelogistics.com)
Turvo is the first multi-enterprise collaborative platform, purpose-built for the global supply chain. Turvo connects people and organizations, enabling shippers, logistics providers, and carriers to consolidate their supply chains, deliver exceptional customer experiences, collaborate in real time, and accelerate the growth. The technology integrates all systems, both internal and external, providing an end-to-end solution capable of performing all operations and tests, while eliminating redundant manual tasks and troubleshooting. automate operational processes. Turvo’s customers include some of the largest Fortune 500 logistics service providers, charterers and freight forwarders in the world. Turvo is based in the San Francisco Bay Area, with offices in Dallas, Texas, and Hyderabad. in India. (www.turvo.com)
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