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May 2014

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6 THE JOURNAL OF COMMERCE www.joc.com MAY 2014 COOL CARGOES By Stephanie Nall GROWTH AT NORTH America's two largest cold storage companies has mushroomed in recent years, with both looking at overseas opportunities. In January 2008, Inland Cold Storage was a company with six refrigerated warehouses and about 36 million cubic feet of capacity. CEO Bill Hendricksen sold the company to Castle & Cooke a month later, roughly doubling the amount of reefer storage space and expanding ware- houses to 18. In July 2012, Hendricksen and other Castle & Cooke investors sold the business, which by then had 24 warehouses totaling 112 million square feet, to Lineage Logistics. Hendricksen became the CEO of a company that boasted some 240 mil- lion cubic feet of cold storage. After several acquisitions, including April's purchase of Millard Refrigerated, Lineage has grown to become the sec- ond-largest refrigerated warehouse company in North America and the world, according to the International Association of Refrigerated Ware- houses, with more than 500 million cubic feet of capacity. Hendricksen and Lineage are prime examples of the shift from an industry traditionally populated with small mom-and-pop companies to one dominated by far fewer, but much larger, developers. Lineage also represents other trends in the industry as companies The world's largest reefer warehouse owners show no signs of slowing their acquisition pace. Is an international move next?

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