Lineage Logistics, the world’s largest temperature-controlled industrial REIT and logistics solutions provider, announced it has acquired Turvo Inc., a leading provider of supply chain management, collaboration, and visibility software. Financial terms of the transactions were not disclosed.
The acquisition is an extension of the companies’ long-standing partnership – including a previous investment in Turvo by Lineage Ventures – and combined vision for supply chain collaboration. With Lineage’s backing, Turvo will continue to focus on its customers, accelerate innovation in its technology offering and expand into new and adjacent markets under its own brand as a wholly owned subsidiary of Lineage.
“Lineage’s acquisition of Turvo was a natural extension of our partnership, through which we successfully launched Lineage Link™ last year,” said Adam Forste, Co-Executive Chairman of Lineage and Co-Founder and Managing Partner at Bay Grove, which founded and manages Lineage.
“We wholeheartedly believe in Turvo’s mission to increase visibility and synergies within the supply chain, and we see this as an opportunity for additional value creation for both Lineage and Turvo customers. I look forward to leading the new Turvo Board of Directors and working with leadership to advance its roadmap to drive smarter, more sustainable supply chains.”
“Today is an exciting time for Turvo’s employees, customers, and partners,” said Scott Lang, Chairman and CEO of Turvo. “With backing from Lineage and Bay Grove, Turvo will accelerate innovation with much greater reach and scale than ever before, further advancing supply chain digitization globally. Our customers will benefit from greater investments into our vision and our technology.”
“The acquisition comes amid a spike in demand for transportation and warehousing and at a time in which the supply chain faces unprecedented challenges,” said Sudarsan Thattai, Lineage’s CIO & Chief Transformation Officer. “In joining forces with Turvo, we have a unique opportunity to alleviate the impact of those challenges for customers. Driver shortages and port congestion, for instance, are addressable by decreasing the number of trucks or containers required to deliver a product from farm to fork. Turvo’s platform matches customers to truck, rail or container assets that would otherwise be underutilized.”
“Deepening our relationship with Turvo shows how committed we are to innovation that furthers our purpose of transforming the food supply chain to eliminate waste and help feed the world,” said Greg Lehmkuhl, President & CEO of Lineage. “Through this investment we will accelerate industry-leading technology that leverages supply chain synergies at scale, addressing issues of density and utilization across the network and decreasing complexity and waste in the supply chain for all participants, from customers to shippers to carriers.”