It might lack burritos, but we’re watching Lineage, a food storage play with Australian assets trying to secure a $30 billion listing.
Already a subscriber?Cold storage red-hot? The world’s biggest IPO certainly hopes so, as it tries to turn a stunning private equity-backed global roll-up story into a $US20 billion listed company.
Lineage is a name that needs no introduction to Australian dealmakers or the competition regulator. It and its predecessor Hoovered up a bunch of Australia’s cold storage groups – warehouse owners, logistics plays – to emerge as the No.1 player in the country.
You could summarise Lineage’s pitch as a big, global, defensive real estate owner in a “mission-critical” industry – the founders used the catchphrase that investment bankers have thrown around loosely since the pandemic. It is more like Australia’s Goodman Group than an office owner such as Dexus or shopping centre play like Scentre. The big picture is demand for cold storage, needed to supply food.
They say their IPO is the opposite of an exit, rather “a new beginning”; they can keep tapping private capital and have no pressure to go public. It is stirring stuff.
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