Temperature-controlled warehouse REIT Lineage Inc. recently completed the acquisition of Permanor AS, a provider of cold storage and logistics solutions in Norway. The acquisition includes Permanor AS’s operations and property in Haugesund and Brumunddal, further strengthening Lineage’s footprint in the Nordic market and enhancing its ability to serve the region’s growing food supply chain.

Permanor AS specializes in freezing, thawing, storage and logistics services, primarily catering to the meat manufacturing industry. The Haugesund site, originally built in 2009 and expanded in 2018, is strategically positioned near key harbors in Stavanger, Haugesund and Bergen, supporting efficient distribution. The Brumunddal site serves as a vital hub for Norwegian food logistics.

The acquisition aligns with Lineage’s commitment to sustainable operations, efficiency and innovation in cold storage. Permanor’s Haugesund facility installed over 880 solar panels in recent years, reinforcing its efforts toward energy efficiency and sustainability. Across both sites, the facilities span over 10,000 square meters, offering approximately 24,500 pallet positions to support growing demand.

"Permanor AS’s expertise and strategic locations make it a perfect fit for Lineage as we continue to strengthen our presence in Norway and the broader Nordic region," said Sean Vanderelzen, president of Europe at Lineage. "This acquisition allows us to better serve our customers with end-to-end cold chain solutions while reinforcing our commitment to responsible operations and operational excellence. We’re also thrilled to welcome Hege Skogland Mokleiv, CEO of Permanor and Dagfinn Mokleiv, Technical Manager of Permanor to the Lineage family, bringing a shared passion for innovation, responsibility and excellence that perfectly aligns with our culture.”

Hege Skogland Mokleiv, CEO of Permanor, said, "We’re excited to become part of a bigger family, a family where everyone works together to make our industry greater, more efficient, more sustainable, and more flexible to meet customer needs and changing environments. We found that in Lineage. We love their vision for the industry, and we are happy to be invited into the family."

Lineage worked closely with Seven Lakes Partners, acting as financial advisors for the buyside process.

Source: Lineage