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baygrovecapital.com

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Investments

4

About Bay Grove Capital

Bay Grove Capital is a principal investment firm dedicated to partnering with strong management teams to invest in growing, cash-flow positive businesses. Bay Grove has deep experience in the cold storage industry but also seeks to make equity investments through buyouts, growth equity transactions, and co-investments with partner funds in other attractive sectors. Bay Grove Capital is based in San Francisco.

Bay Grove Capital Headquarter Location

423 Washington Street, 7th floor

San Francisco, California, 94111,

United States

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Latest Bay Grove Capital News

Lineage Logistics Enters the Polish Cold Storage Market With the Acquisition of Pago Sp. z o.o.

Dec 1, 2020

~ Lineage further expands its growing presence in Europe with the acquisition of Pago, Poland’s largest cold storage and logistics provider ~ Download The acquisition of Pago Sp. marks Lineage's entrance into the Polish market and adds six exceptional assets to Lineage’s global network of temperature-controlled facilities. (Photo: Business Wire). The acquisition of Pago Sp. marks Lineage's entrance into the Polish market and adds six exceptional assets to Lineage’s global network of temperature-controlled facilities. (Photo: Business Wire). December 01, 2020 12:04 PM Eastern Standard Time NOVI, Mich.--( BUSINESS WIRE )--Lineage Logistics Holdings, LLC (“Lineage” or the “Company”), the world’s largest and most innovative temperature-controlled industrial REIT and logistics solutions provider, today announced it has acquired Pago Sp. (“Pago”), a leading warehousing, distribution and transport logistics provider in Poland from its current ownership, including Tönnies International Holding GmbH (“Tönnies”). The strategic acquisition marks the Company’s entrance into the Polish market and adds six exceptional assets to Lineage’s global network of temperature-controlled facilities. Lineage was founded and continues to be managed by Bay Grove Capital, LLC (“Bay Grove”), a principal investment firm dedicated to partnering with strong management teams to build long-term platform investments. Financial terms of the transactions were not disclosed. “We are excited to enter Poland by acquiring Pago, which is known for its dedicated team members, the most modern network in its market and an entrepreneurial culture with roots as a family business – just like so many of the organizations we’ve embraced as part of our ‘One Lineage’ family,” said Mike McClendon, Lineage’s President of International Operations & EVP of Network Optimization. “The acquisition also expands the Lineage footprint to an increasingly important market for our customers and a region where we see opportunities to add capacity and implement new, innovative customer solutions.” The combined Company will feature over 1.9 billion cubic feet of temperature-controlled capacity across more than 330 facilities in 15 countries, with a global footprint that spans North America, South America, Europe, Asia, Australia and New Zealand. “We are very pleased to partner with the current Pago leadership, who have helmed the organization since 2006 based on an ethos of reliability, quality and commitment to the customer while growing it to become the largest and most modern cold storage company in Poland,” said Adam Forste, Co-Executive Chairman of Lineage and Co-Founder and Managing Partner of Bay Grove. “Pago leaders Adam, Patryk and Maciej Gościniak will continue with the business and help Lineage drive further growth in this critical and strategic region. We would like to thank Tönnies for their efforts in support of this transaction.” “We couldn’t be more excited to be joining the Lineage family,” said Patryk Gościniak, Vice Chairman of Pago. “Lineage is known worldwide for its unrivaled international facility network, robust suite of supply chain solutions as well as its extensive technology and automation resources. We are honored they have recognized our talent and expertise in the Polish market and will now lead the Pago team into a promising new chapter as part of Lineage. On behalf of the leadership, I’d like to thank our entire team for their hard work in building Pago to what it is today. It is because of these efforts and commitment to our business that we have reached this milestone.” Rabobank acted as financial advisor to Lineage. Latham & Watkins acted as legal advisor to Lineage. PWC Legal acted as legal advisor to Tönnies. About Lineage Logistics Lineage is the world’s largest and most innovative provider of temperature-controlled logistics solutions. Lineage’s expertise in end-to-end logistical solutions, its unrivaled real estate network, and its use of technology combine to promote food safety, increase distribution efficiency, advance sustainability, lessen environmental impact, and minimize supply chain waste. As a result, Lineage helps customers ranging from Fortune 500 companies to small family-owned businesses increase the efficiency and protect the integrity of their temperature-controlled supply chain. Lineage has grown its cubic feet by 60% annually since 2008 to 1.9 billion cubic feet, making it the largest global temperature-controlled industrial REIT. In recognition of the company’s leading innovations, Lineage was recognized as the No 1. Data Science company on Fast Company’s Annual list of The World’s Most Innovative Companies in 2019, in addition to ranking 23rd overall in an evaluation of thousands of companies worldwide. ( www.lineagelogistics.com ) About Pago Sp. Pago is the most recognizable provider of frozen food logistics in Poland. It successfully carries out projects combining warehouse and distribution logistics, meeting the needs of the most demanding customers, including the largest Polish manufacturers of frozen food, international concerns and retail chains who expect the highest standards of service, ethics and safety. Pago runs a network of modern frozen food logistics centers, developed in accordance with top construction and equipment standards, and its total storage capacity exceeds 190 000 pallet positions. One of its facilities is located in the Baltic Sea Port of Gdańsk, directly in the Deepwater Container Terminal, making Pago an important link in the supply chain in terms of global frozen food trade. ( www.pago.net.pl ) About Bay Grove Bay Grove is a principal investment firm dedicated to partnering with strong management teams to invest in and build long-term platform investments. Since 2008, Bay Grove has built Lineage Logistics through acquisitions and investments completed in partnership with entrepreneurs, customers and employees. The firm has deep experience in the warehousing and logistics industry and also seeks to make investments in other attractive sectors. Bay Grove is based in San Francisco. ( www.bay-grove.com )

Bay Grove Capital Investments

4 Investments

Bay Grove Capital has made 4 investments. Their latest investment was in Ofload as part of their Series A on December 12, 2021.

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Bay Grove Capital Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

12/7/2021

Series A

Ofload

$14.2M

Yes

4

10/10/2019

Series A

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$99M

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10

9/16/2015

Seed

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$99M

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10

4/19/2012

Portfolio NewCo

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10

Date

12/7/2021

10/10/2019

9/16/2015

4/19/2012

Round

Series A

Series A

Seed

Portfolio NewCo

Company

Ofload

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Amount

$14.2M

$99M

$99M

New?

Yes

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Co-Investors

Sources

4

10

10

10

Bay Grove Capital Acquisitions

7 Acquisitions

Bay Grove Capital acquired 7 companies. Their latest acquisition was Terminal Freezers on April 18, 2012.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

4/18/2012

$99M

Merger

1

4/18/2012

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$99M

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10

4/18/2012

Private Equity

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$99M

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10

10/11/2011

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$99M

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0

1/6/2011

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$99M

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10

Date

4/18/2012

4/18/2012

4/18/2012

10/11/2011

1/6/2011

Investment Stage

Private Equity

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Total Funding

Note

Merger

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Sources

1

10

10

0

10

Bay Grove Capital Team

3 Team Members

Bay Grove Capital has 3 team members, including current Chief Financial Officer, Kristina Hentschel.

Name

Work History

Title

Status

Adam Forste

Founder

Current

Kristina Hentschel

Chief Financial Officer

Current

David Brandes

Managing Director

Current

Name

Adam Forste

Kristina Hentschel

David Brandes

Work History

Title

Founder

Chief Financial Officer

Managing Director

Status

Current

Current

Current

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