Novi, MI-based Lineage BB #:294667, the world’s largest global temperature-controlled warehouse REIT (real estate investment trust), filed forms with the U.S. Securities and Exchange Commission on June 26 to sell shares of its common stock in an underwritten initial public offering.
Last fall, news reports said the company was pursuing more than $30 billion in the IPO, but it did not disclose a price range or number of shares this week.
The deal has a long list of financial underwriters.
According to a Lineage press release, “Morgan Stanley, Goldman Sachs & Co. LLC, BofA Securities, J.P. Morgan and Wells Fargo Securities are acting as joint lead book-running managers for the proposed offering. RBC Capital Markets, LLC, Rabo Securities USA, Inc., Scotia Capital (USA) Inc., UBS Securities LLC, Capital One Securities, Inc., Truist Securities, Inc., Evercore Group L.L.C., Robert W. Baird & Co. Incorporated, KeyBanc Capital Markets Inc., Mizuho Securities USA LLC, PNC Capital Markets LLC, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Piper Sandler & Co. and Regions Securities LLC are acting as joint book-running managers for the proposed offering. Blaylock Van, LLC, Cabrera Capital Markets LLC, C.L. King & Associates, Inc., Drexel Hamilton, LLC, Guzman & Company, Loop Capital Markets LLC, Roberts & Ryan Investments, Inc. and R. Seelaus & Co., LLC are acting as co-managers.”
Lineage’s controlling shareholder is Bay Grove Capital Group LLC, a private-equity group founded by Adam Forste and Kevin Marchetti.
According to MarketWatch, Forste and Marchetti told prospective IPO shareholders, “We strongly believe the public market is the best way to deliver growth at scale by providing us with the advantages of a liquid currency and direct access to a lower cost of capital to further fuel our growth flywheel. If we can remain true to what has made us successful as a private company, we will be even more successful as a publicly traded one.”
