Heywood logistics company snapped up by US group

Heywood logistics group Yearsley has been bought, for an undisclosed sum, by a US group.

Lineage Logistics Holdings, a specialist in temperature-controlled supply chain solutions, today announced the deal for Yearsley, which operates in the frozen food distribution sector of the UK.

Greg Lehmkuhl, president and chief executive 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.”

Jonathan Baker, Yearsley Group chief executive, 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.”

Mr Lehmkuhl added: “We see tremendous alignment between our two organisations, 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-calibre team in the cold storage space, and we are best positioned to creatively solve our customers’ most complex logistics needs.”

In its 66-year history, Yearsley has grown to become one of the most respected temperature-controlled logistics providers in the UK, operating a network of 12 cold stores nationwide.

With more than 300 vehicles, Yearsley complements its cold storage solutions with high-impact, value-added transportation services, following a similar model to Lineage’s US-based operations.

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.

Since its founding in 2008, Lineage has evolved through both acquisitions and organic growth.

The company’s acquisition of Yearsley builds on the success of its first international acquisition in 2017 in which Lineage acquired Partner Logistics, a leading automated cold storage provider in Europe.

Rabobank acted as lead financial advisor, Houlihan Lokey acted as financial advisor and Latham & Watkins LLP acted as legal counsel to Lineage Logistics.

KPMG Corporate Finance acted as financial advisor and Gateley plc 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.”

A team at Deloitte, led by Jodi Birkett and Dan Wright, provided vendor financial due diligence to Yearsley.