XTL Group has purchased CBT, a Georgia-based hauler of refrigerated and frozen products.
It marks the company’s second acquisition, both coming this year. CBT was founded in 1989 by Connie Banks, and is situated in the “Poultry Capital of the World” in the Gainesville/Hall County area of Georgia.
It serves the area’s food processors, food service providers and the grocery/retail industry that’s abundant in the region, XTL reports.
“After many years servicing the domestic refrigerated market, we expanded into the cross-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”.
XTL says the move allows it to increase its U.S. presence, create new opportunities between Canada and Mexico, and access U.S. capacity.
“Serge Gagnon and his committed team of leaders at XTL complement the similar characteristics that CBT has built its reputation on,” Banks said. “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 U.S. transportation partner. We are excited about the future growth and fresh ideas available to us.”
In addition to completing two acquisitions this year, XTL says it has added 300,000 sq.-ft. of capacity to its distribution business, with new facilities in B.C. and Ontario.