When private equity executives Adam Forste and Kevin Marchetti in 2008 launched Lineage Logistics, they did so with the thinnest of portfolios: a single warehouse in Seattle. Sixteen years and nearly 120 acquisitions later, Lineage is now the world’s largest cold storage company, with more than 3 billion square feet of capacity across North America, Europe, and Asia. Its growth and scale were made only more evident in July, when the company raised more than $4.4 billion in an initial public offering that, as of October, was the largest IPO of 2024. Ultimately, Lineage’s mission is to become an end-to-end distribution and solutions provider, illustrated by its April launch of a cross-border transportation service linking warehouses and markets in the US and Canada. In this wide-ranging discussion, Adam, Lineage’s co-founder and managing director, will do a deep dive into the growing cold storage sector, discuss the industry’s risks, opportunities, and how cold storage has become essential for the world’s consumer growth, including by eliminating food waste, and analyze the challenge of energy transformation.