TORONTO – The Canada-based XTL Group (XTL) has acquired CBT Inc. (CBT), a logistics company based in Oakwood, Georgia, for an undisclosed sum.
According to an XTL news release, CBT was founded in 1989 by Connie Banks and is located in the Gainesville/Hall Country area of Georgia that’s known as the “Poultry Capital of the World.”
“Over the past 32 years, CBT has built an extensive transportation network around major food processors, food service providers and the grocery/retail industry that is abundant in this region,” the news release stated.
“Refrigerated and frozen transportation service is a key part of their customer network. CBT has been recognized for many years as a certified woman-owned, family business, and Connie will continue to be an integral part of both CBT and XTL’s mutual success.”
This acquisition is the second of its kind in XTL’s history, the first taking place in February with the purchase of Transport Savoie, a refrigerated, x-border carrier now operating as Savoie Express Inc.
“After many years servicing the domestic refrigerated market, we expanded into the x-border refrigerated market in 2018. Since then, we recognized the opportunity to advance our organic growth strategy with strategic acquisitions that further enhance our geographical footprint in North America.” said Serge Gagnon, president and CEO at XTL.
“We knew we had the right fit when we met the exceptional team of dedicated professionals at CBT who embody our core values.”
CBT will bring additional assets to XTL’s logistics offerings, including US domestic dry van, flat bed, heavy haul, over-sized, specialized and hazmat services, according to the news release.
The location of northeast Georgia also allows for XTL to increase their presence in the United States, opening up opportunities between Canada and Mexico and accessing U.S. capacity, the news release stated.
“Serge Gagnon and his committed team of leaders at XTL complement the similar characteristics that CBT has built its reputation on,” said Connie Banks, founder and CEO of CBT.
“Together with my experienced team of employees we have brought to realization a dream I started 32 years ago and we are proud to have been chosen as XTL’s first US transportation partner. We are excited about the future growth and fresh ideas available to us.”
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