Lineage Owners Honored by Goldman Sachs for Entrepreneurship
October 23, 2019
Kevin Marchetti and Adam Forste of Bay Grove Capital Named Among 100 Most Intriguing Entrepreneurs of 2019 at Goldman Sachs’ Annual Builders + Innovators Summit
San Francisco, CA – Bay Grove Capital (“Bay Grove”), a San Francisco-based owner-operator dedicated to partnering with strong management teams to build exceptional businesses, today announced that its co-founders and co-managing partners, Kevin Marchetti and Adam Forste, were selected by Goldman Sachs (NYSE:GS) as among the 100 Most Intriguing Entrepreneurs of 2019 at the Goldman Sachs Builders + Innovators Summit in Santa Barbara, California.
Mr. Marchetti and Mr. Forste were recognized by Goldman Sachs at the three-day event alongside fellow entrepreneurs from across multiple industries.
Bay Grove controls and operates Lineage Logistics, LLC (“Lineage”), the world’s largest and most innovative provider of temperature-controlled logistics solutions. Starting with just one warehouse in 2008, Bay Grove quickly scaled Lineage through nearly 40 acquisitions to create the industry’s highest-quality and best-positioned network of temperature-controlled real estate, with over 1.4 billion cubic feet of temperature-controlled capacity and 40 million square feet of real estate over 200+ facilities across North America, Europe and Asia.
“We started Bay Grove in 2007 with a simple vision – to create a true owner-operator model, building platform companies one at a time when investment lifespans were measured in decades, not years.” said Kevin Marchetti, Co-Founder and Co-Managing Partner of Bay Grove. “At Bay Grove, we devote all of our time to the growth and success of the Lineage platform, using our industry knowledge and experience to create an industry leader that is reimagining the food supply chain to eliminate food waste and help feed the world by ensuring that food travels from farm to fork safely.”
Lineage deploys technology and applied sciences to accelerate value and efficiency in the temperature-controlled supply chain by solving the complexities of storing, moving and preserving food safely and efficiently around the globe. Lineage boasts 17 facilities with automation, including the two largest automated temperature-controlled facilities in the world.
“It is a great honor to be recognized as leading entrepreneurs by Goldman Sachs, but we couldn’t have done it alone; we are extremely fortunate to have Lineage’s talented management team as our partners, and we look forward to continuing the rapid growth and innovation we’ve achieved together,” added Adam Forste, Co-Founder and Co-Managing Partner of Bay Grove. “Every day we come to work looking forward to finding exceptional team members to help us achieve our goals and the next great cold storage company -- in the U.S. or overseas -- to bring into the Lineage family.”
"True innovation is built from a diversity of perspectives and experiences", said David M. Solomon, Chief Executive Officer of Goldman Sachs. "Our Builders + Innovators Summit brings together a collective of impressive future leaders who are striving to drive meaningful change. For 150 years, Goldman Sachs has supported entrepreneurs as they launch and grow their businesses. That’s why we are pleased to recognize Bay Grove’s Kevin Marchetti and Adam Forste as two of the most intriguing entrepreneurs of 2019."
About Kevin Marchetti
Mr. Marchetti is a co-Founder and Managing Partner of Bay Grove where he is active in all day-to-day activities of the firm and responsible for investment decisions. He is Co-Executive Chairman of the board of Lineage Logistics Holdings, LLC, the largest temperature-controlled warehousing and logistics company globally. Prior to co-founding Bay Grove, Mr. Marchetti was an investor with Ron Burkle and The Yucaipa Companies where he helped invest the Yucaipa Funds and eventually oversaw Mr. Burkle’s personal investment portfolio and sat on the board of the Pittsburgh Penguins. Mr. Marchetti started his career with Morgan Stanley in its investment banking group. He graduated cum laude from Duke University with a major in Economics and a minor in History. Mr. Marchetti is on the board of Nevada Dental Benefits, the San Francisco Zoological Society and Fisher Center’s Real Estate Policy Advisory Board at UC Berkeley.
About Adam Forste
Mr. Forste is a co-Founder and Managing Partner of Bay Grove where he is active in all day-to-day activities of the firm and responsible for investment decisions. He is Co-Executive Chairman of the board of Lineage Logistics Holdings, LLC, the largest temperature-controlled warehousing and logistics company globally and is on the board of the World Food Logistics Organization (WFLO). He is also a board member of ndustrial.io, a SAAS-based energy management company. Prior to Bay Grove, Mr. Forste worked at Kohlberg Kravis Roberts & Co. (“KKR”), one of the world’s oldest and most experienced global private equity firms. While at KKR, Mr. Forste executed power-related transactions valued over $7.7 billion and evaluated deals in the energy, retail, and consumer industries. Mr. Forste started his career with Morgan Stanley in its investment banking groups, both in New York and San Francisco, where he focused on M&A and covering financial sponsors. Mr. Forste is a Fulbright Fellow and a graduate of Dartmouth College.
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)