KAG Acquires Dry Bulk Transporter XBL
KAG Acquires Dry Bulk Transporter XBL
NORTH CANTON, OH, November 25, 2024 – The Kenan Advantage Group, Inc., (“KAG”) announced it has acquired XBL Holdings, LLC, including its subsidiaries Xcel Bulk Logistics, LLC, and XBL Industrial Materials, LLC, (collectively, “XBL”). XBL is a leading dry bulk transporter providing 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.
“The transaction with XBL uniquely positions KAG to materially expand our dry bulk transportation platform in the future,” stated Grant Mitchell, KAG’s President and Chief Operating Officer. “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, which is XBL,” Mitchell continued.
As part of the transaction, KAG will welcome 162 professional drivers and 53 operational members to their team along with growing their fleet and facilities by acquiring 186 tractors, 356 trailers, 10 mobile storage silos, 11 terminal and satellite locations and three maintenance facilities.
According to Richard Hoyle, Co-Founder and President of XBL, “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. 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.”
Lilium Group, LLC, private-equity owner of XBL, commented on the deal by stating, “We are tremendously proud to have supported Rick and his team in developing XBL into such a strong logistics provider for critical industry. 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.”
