Kenan Advantage Group (KAG) announced Monday it has acquired dry bulk transporter XBL Industrial Materials and its logistics unit from private equity firm Lilium Group.
Weatherford, Texas-based XBL operates a fleet of 186 tractors (162 drivers) and 356 trailers, hauling bulk industrial commodities like sand, salt and lime as well as a variety of construction materials throughout the Eastern half of the U.S. It has a 53-person operations staff that manages its 10 storage silos and 11 terminals.
XBL touts the “largest dry bulk fleet in the Carolinas,” according to a news release.
Financial terms of the transaction were not provided.
“The transaction with XBL uniquely positions KAG to materially expand our dry bulk transportation platform in the future,” said 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.”
North Canton, Ohio-based KAG is the largest tank trucking company in North America, operating roughly 300 terminals. It provides bulk transportation of fuels, energy products, chemicals and food products. KAG Logistics is a broker, providing capacity solutions, managed transportation and logistics services.
On Friday, KAG announced the acquisition of Michigan-based dry bulk hauler PRM Trucking.