Bellingham Cold Storage Sale

“We value our long term relationship with Zachary Scott. The firm assisted us in our original investment into Bellingham Cold Storage several years ago, and so they were the obvious choice when we decided to explore options in seeking a new partner who could best support BCS through the next phase of its growth. Zachary Scott was thoughtful and detailed in its analysis to our unique situation, and the individuals at ZS provided sound guidance throughout the process of diligence and negotiations.”

Stanley McCammon, President & CEO, Joshua Green Corporation

Zachary Scott is excited to announce the sale of certain assets of Bellingham Cold Storage (“BCS” or the “Company”) to Lineage, Inc. After previously advising the Joshua Green Corporation (“JGC”) on the acquisition of a majority ownership interest in BCS in 2018, we greatly enjoyed working alongside JGC, the other owners, the BCS management team, and Davis Wright Tremaine to accomplish this sale to a highly successful buyer that can continue to support the Company’s employees, customers, and community.

Situation

Founded in 1946, BCS is an owner and operator of approximately 24 million cubic feet of cold and dry storage across three facilities in Bellingham and Burlington, Washington. The Company serves a global customer base in the seafood, fruit, vegetable, dairy, and perishable food industries who rely on BCS as a critical partner within their supply chains.

JGC acquired a majority interest in the business in 2018, partnering with Stowe Talbot, who represents the third generation of BCS family ownership, and Doug Thomas, the CEO. Over the next seven years, the Company invested heavily in improving and expanding its warehouse facilities, adding talented employees, and enhancing its automation and technology capabilities to better serve its long-term customers.

With significant growth opportunities ahead, the owners sought to explore potential partners or investors that could best support the business through its next phase of expansion.

ZS Role

BCS engaged Zachary Scott to evaluate the Company’s alternatives and manage the transaction process.

Results

After a competitive process that identified a range of actionable alternatives, the transaction was completed with Lineage, Inc.

Lineage is the world’s largest temperature-controlled warehouse REIT with 3.1 billion cubic feet of space across over 485 warehouses in 19 countries. As part of Lineage’s network, BCS will be able to offer customers an expanded footprint while continuing to provide premium levels of service.

This transaction is the latest example of Zachary Scott’s expertise in cold storage and the broader food supply chain. Other examples include Kenyon Zero Storage, Western Distribution Services, Columbia Colstor, and Terminal Freezers.