Cold Storage Real Estate Investment Trust Cuts Staff After Blockbuster IPO
Lineage Inc, a Novi, Michigan-based cold storage real estate investment trust, is cutting staff after its successful initial public offering (IPO) in the US last year. The company did not disclose the number of jobs or types of roles affected by the layoffs, but said it was part of a comprehensive review of its operations.
In a statement, Lineage said, “As part of a comprehensive review of our operations, we have made the difficult decision to reduce certain positions within the company. This move is necessary for long-term success and adaptability.”
The company, backed by private equity firm Bay Grove Capital, went public in July at $82 per share, above the offer price of $78 apiece, valuing it at $19.2 billion. It raised $4.45 billion in its US IPO, making it the largest stock market debut globally in 2024.
Lineage works with food and beverage companies such as Kraft Heinz, Darden Restaurants, and Walmart for the storage, handling, and movement of frozen and perishable food around the world.