Digital freight marketplace CDL 1000 has expanded its market share into Los Angeles with the acquisition of competitor Next Trucking.
The Wall Street Journal reported the acquisition Monday morning, but the terms of the deal were not disclosed.
Next Trucking operates at the Los Angeles and Long Beach ports, an integral area for freight in the U.S. Currently, Chicago-based CDL 1000 lacks a presence there, and the acquisition seeks to rectify that. Founder and CEO Andrew Sobko told the Journal that the move makes the company one of the top three trucking players in Los Angeles and Long Beach.
Brookfield Growth and Mucker Capital financed the deal.
Next Trucking announced in June that it was looking for either additional capital or an exit. The news comes after a particularly harsh year in FreightTech with many major companies downsizing or forced to shut down.
This is a developing story. Check back here for details.
Darrell Cheng
They need to pay their truckers! Freight waves needs to ask truckers about them, what a sham!
Sab Purak
The head lady at next in finance department won’t return calls. She lies to me about getting paid my monies that dey owe me. She can’t even write a simple email to me that I could understand and English not my first language. I think she works part time somewhere else bc she no no what she’s doing
DS
Deadbeats acquiring deadbeats…what can go wrong?
Freightwaves should protect their reputation by not spinning articles like this in a positive light.
Market presence in LA???? They should have no market presence and be shut down by the DOT for not paying carriers.
j cardone
Good thing they bought out next. i talked and interviewed at next and most of their executive team has never been in logistics. their product head who i saw was recently promoted to president didnt even know anything about how to move loads or what a tms should do. he was pretty rude to me in the interview. looks like the freighttec stuff isnt the right move hopefully cdl does the right thing here
Dave
Same as above comments… they are finding capital to buy up companies, but don’t have $7k to pay us for loads hauled over half a year ago. DO NOT DO BUSINESS WITH THEM.
@Freightwaves … since you are a news outlet for the trucking and logistics industry, why don’t you do an investigation and story about the shady dealings at CDL 1000 and their subsidiaries?
Will
IMO both of these comments indicate some sort of financial stress at CDL1000. I would be wary doing business with them. Not paying vendor invoices but making acquisitions tells a story the company is looking to buy it’s way out of financial trouble. Also I am on their rate distribution list and I swear they have new people working there every day. Rarely see the same person’s name more than a few times.
Good luck to all their vendors and I truly hope this acquisition of Next works well for all involved. I am confident the owners
of Next are very happy to be exiting their business with a cash out sale vs bankruptcy.
Of course both Brookfield and Mucker know much more about the companies involved and definitely much more than I know.
Tom Goleb
Yes I see they got money
They owe us about $ 10,000 for over now
yet Every time we contact them , they say they are working on making a payment but they have a lot of bills to pay .
We haave contacted multiple of their employees as we have a list and no one replies or works with us
How can Freight waives not check on companies like that or how could freight waves help out carriers that brokers don’t pay
,but Freight waves makes these brokers look like heroes of the day ,
that they stand so good and purchase other companies
Someone from freight waves should do a better job while promoting these brokers
PS
Now freight waves will try to block this comment because it’s not in their interest to be posted
Jeremy
Acquiring new companies but still cannot pay their demurrage charges and invoices from over a year ago.