A nearly 100-year-old Oregon company that’s served the state’s steady food production industry is changing hands.

Hillsboro-based Henningsen Cold Storage Co. reached a purchase agreement with Novi, Mich.-based Lineage Logistics, billed as “the world’s largest provider of temperature-controlled logistics.” While terms weren’t immediately released, it’ll likely be one of the state’s largest M&As of 2020, as speculation earlier this month had put the price in the $500 million range.

Paul Henningsen, Jr., president of Henningsen Cold Storage, worked on the deal along with attorney Tom Tongue of Schwabe, Williamson & Wyatt.

Henningsen Cold Storage Co. was founded in 1923 and operates 65 million-plus cubic feet of frozen and refrigerated warehousing space. The company also has locations in Idaho, North Dakota, Oklahoma, Pennsylvania and Washington.

Henningsen is the company’s fifth-generation leader. His business completed four major construction projects in Hillsboro six years ago.

“The decision to sell our business was not taken lightly given the tradition of family ownership,” he said in a release. “However, we found a perfect partner in Lineage who not only shares our values but also is well-positioned to grow and expand our business.”

The combined company will operate nearly 2 billion cubic feet of “temperature-controlled capacity” in 11 countries.

Credit Suisse is acting as financial advisor to Lineage while Latham & Watkins is its attorney. BofA Securities advised Henningsen.

A version of this article was originally published in the Portland Business Journal.

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