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Wednesday, March 13, 2024

Law firm trio advises on Lineage’s acquisition of Grupo Fuentes

Deloitte Legal has advised the Fuentes family on the sale, while Latham & Watkins and Garrigues have counselled Lineage Logistics

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Lineage Logistics, considered one of the world’s leading temperature-controlled industrial REIT and logistics solutions providers, has completed the acquisition of Grupo Fuentes, a major operator of transport and cold-storage facilities headquartered in Murcia, Spain.

Grupo Fuentes operates a fleet of over 500 vehicles and trailers, six logistics centres, a cold-storage warehouse, and value-added services supporting those facilities. It is also a founding member of Reefer Terminal, a strategic partnership to create an intermodal transportation platform combining road and rail cold-storage transport services.

With the close of the transaction, Grupo Fuentes and its 850 employees become part of Lineage. The Fuentes family will also take up leadership positions within Lineage and continue to drive the strategic direction of Lineage’s operations in Europe. Rafael Fuentes, the CEO of Grupo Fuentes, will focus on developing Lineage’s transportation service offering, where Grupo Fuentes already has a significant international presence. The Fuentes family will reinvest some of the proceeds from the transaction into Lineage as a sign of their commitment to the business.

“I am delighted that we could move quickly from announcing the deal to finalising it,” said Fuentes. “This allows us to begin the integration process between Grupo Fuentes and Lineage and realise the benefits that the deal will bring to our customers, employees, and the logistics sector in Spain and across Europe. Joining Lineage will allow us to achieve bolder ambitions than we could have achieved as a standalone company.”

Harld Peters, president of Europe at Lineage, said, “Spain is a major food producer in Europe, and our expanded presence through the acquisition of Grupo Fuentes is a key development in our plans to bring best-in-class cold-storage companies into the One Lineage family. This acquisition will connect the end-to-end supply chain for customers in Southern Europe and beyond, with facilities near food production centres and an extensive transport fleet that will allow us to offer custom solutions that extend throughout the entire value chain.”

Grupo Fuentes is headquartered in Murcia, with offices in Galicia, Madrid, Navarra, Valencia, and the Netherlands. The company counts some of Spain’s major food and retail companies as customers, with a significant share of the business providing cold storage, transport, and international transport services covering Belgium, France, Germany, Italy, the Netherlands, Portugal, and the United Kingdom. Grupo Fuentes has a cold-storage warehouse in Murcia with 60,000 pallet positions and plans to expand the site with an additional 40,000 pallet positions.

Lineage first entered Spain in May 2021, with the acquisition of warehouses in Navarra and Asturias from Frigoríficos de Navarra and Frioastur. The acquisition of Grupo Fuentes and its transport fleet is a complement to Lineage’s recent expansion of its European warehouse facilities.

Deloitte acted as financial advisor and legal counsel to the Fuentes family. Rabobank and Seven Lakes Partners acted as Lineage’s financial advisors, and Latham & Watkins and Garrigues were its legal counsels.

Deloitte Legal team was led by Valencian office directors Prudencio López and Diego Serer along with partner Cristóbal Martí Brugada, and senior associates Carmen Muelas and Gonzalo Castro.

From left to right, starting from the top: Ferrán Escayola, Jaime Olazábal, Arnau Vicente and Elisabet Terradellas

Garrigues advised Lineage Logistics with a team made up of partners Ferrán Escayola and Jaime Olazábal, together with associates Arnau Vicente and Elisabet Terradellas.

On the other hand, Latham & Watkins has advised Lineage Logistics Holdings, LLC, a global leader in the temperature-controlled logistics industry under the ownership of the Bay Grove fund, on the acquisition of Transportes Fuentes, a European logistics operator based in Murcia.

From left to right starting from the top: José Antonio Sánchez-Dafos, Iván Rabanillo, José María Alonso and Naiara Rodríguez-Escudero
From left to right starting from the top: José Antonio Sánchez-Dafos, Iván Rabanillo, José María Alonso and Naiara Rodríguez-Escudero

The multidisciplinary team at Latham & Watkins has been led in Madrid by Corporate partner José Antonio Sánchez-Dafos, senior associate Ori Assa, and associate Carmen Herrera, associate. In Tax matters, partner Iván Rabanillo and associate Ana Serrano provided advice; in Public and Regulatory law, counsel José María Alonso and associates Leticia Sitges and Paloma Arizón; in Labour law, partner Naiara Rodríguez-Escudero and trainee María Goñi; and, in Real Estate, associate Luis López.

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