Lineage Logistics buys insulated, refrigerated railcar owner Cryo-Trans

Temperature-controlled industrial real estate investment trust Lineage Logistics LLC acquired Cryo-Trans Inc., which offers refrigerated and insulated railcars and rail management solutions across North America.

The parties did not disclose financial terms of the deal, but according to Bloomberg News, the transaction values Cryo-Trans at more than $500 million.

Cryo-Trans owns more than 2,200 refrigerated and insulated railcars and manages over 40,000 annual rail shipments.

J.P. Morgan is a financial adviser to Lineage, while Latham & Watkins is a legal adviser to the company.

DLA Piper is legal adviser to Cryo-Trans.