Kenan Advantage Group recently acquired XBL Holdings, which includes subsidiaries Xcel Bulk Logistics and XBL Industrial Materials, from private-equity firm Lilium Group.
XBL—a $65 million operation as of early 2023—is a diversified dry bulk transporter that provides transportation, storage, and logistics services to industrial and construction customers. The company, headquartered in Weatherford, TX, operates the largest dry bulk fleet in the Carolinas, with significant capacity throughout the Gulf Coast and the Midwest.
Terms of the transaction were not disclosed.
The deal comes on the heels of KAG acquiring another dry bulk hauler, PRM Trucking, based in White Pigeon, Michigan. KAG secured its “definitive entrance” into dry bulk transportation with the acquisition of Northern Dry Bulk earlier this year.
“The transaction with XBL uniquely positions KAG to materially expand our dry bulk transportation platform in the future,” Grant Mitchell, KAG president and chief operating officer, said in a news release. “With their impressive market position and a diverse group of tenured, blue-chip customers, we’ve solidified our entrance into a very niche marketplace. What better way to expand our geographic footprint and service offerings than by partnering with one of the best in the industry?”
See also: XBL, partners turn heads in dry bulk logistics
As part of the transaction, KAG will add 162 drivers and 53 operations staff to its team, along with 186 tractors, 356 trailers, 10 mobile storage silos, 11 terminal and satellite locations, and three maintenance facilities.
“It was important to our leadership team to find a partner who operates with the same principles and ambitious standards that we hold ourselves to every day—building trust through execution and creating value and long-term stability for our employees and our customers,” said Richard Hoyle, XBL co-founder and president.
“We look forward to providing our expertise as a leading provider in dry bulk services to help KAG elevate this segment of their business to the next level.”
The acquisition does not include Florida-based FlowTrans, the liquid food-grade hauler in Lilium’s portfolio.
See also: KAG secures ‘definitive’ entrance into dry bulk
“We are tremendously proud to have supported Rick and his team in developing XBL into such a strong logistics provider for critical industry,” said Peterson Hawkins, Lilium partner. “This transaction is a great outcome for shareholders and a wonderful opportunity for XBL and its customers to benefit from KAG’s leading platform.
“We look forward to watching what this powerful combination will achieve.”
