Yearsley, the logistics service provider and frozen food distributor, whose headquarters are in Greater Manchester, has been snapped up by a US counterpart in what is being described as a “landmark transaction”.
Across its 66-year history, the business has grown to become one of the most well-known temperature-controlled logistics providers in the UK, operating a network of 12 cold stores nationwide and a fleet of more than 300 vehicles
The company – alongside Yearsley Food – has been bought by Lineage Logistics Holdings, which helps customers ranging from Fortune 500 entities to small family-owned businesses increase the efficiency and protect the integrity of their temperature-controlled supply chain.
Jonathan Baker, Chief Executive of Yearsley Group, commented: “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.”
Greg Lehmkuhl, President and Chief Executive of Lineage Logistics, added: “Yearsley has demonstrated a strong commitment to developing longstanding, bespoke customer relationships that is consistent with how we do business at Lineage.”
Lehmkuhl added “Bringing Yearsley into the Lineage family enables us to better serve customers in the UK market and further reinforces our international logistics capabilities.”
A KPMG corporate finance team led by Jonathan Boyers advised Yearsley Group on the deal.
Boyers said of the deal: “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.”