[Stay on top of transportation news: Get TTNews in your inbox.]
Xcel Bulk Logistics announced that it has acquired the 1845 Commercial Bulk Division.
Terms of the all-cash asset purchase transaction were not disclosed.
The deal forms the foundation for the launch of XBL Industrial Materials, a new corporate division intended to complement the XBL Construction Materials division serving bulk cement customers throughout the Southeast.
“We look forward to earning the business and trust of our new customers from day one,” XBL President Rick Hoyle said in a statement Sept. 21.
XBL said the acquisition adds more than 140 company and owner-operator drivers to its workforce while also entering into the industrial materials market. The new division will be based in the Dallas-Fort Worth area.
“I am particularly eager to use our larger, diversified platform to grow the available services in the capacity-constrained bulk materials space,” Hoyle said. “We are pleased to carry on the strong legacy of 1845’s Commercial Bulk Division and especially proud to count their team of excellent drivers as part of our growing organization.”
XBL said the creation of the new division reflects its commitment to invest the financial and operational resources required to deliver high levels of service and safety on existing commitments as well as to add additional capacity over time to the market.
The 1845 Commercial Bulk Division also goes by the name Spotted Lakes. — Transport Topics
Want more news? Listen to today's daily briefing below or go here for more info: