Kenan Advantage Group is expanding its new dry bulk business line with two more acquisitions, the company said in emailed press releases this month.
The Ohio-based tanker giant bought White Pigeon, Michigan-based PRM Trucking and Weatherford, Texas-based XBL Holdings. XBL owns the largest dry bulk fleet in the Carolinas, KAG said in the deal’s announcement Monday.
The pair of acquisitions continued the carrier’s recent foray into dry bulk operations. KAG launched the new service when it entered the market by acquiring Northern Dry Bulk in February.
KAG did not disclose the terms of either deal.
The XBL acquisition from private equity firm Lilium Group includes 162 drivers and 53 other workers, as well as 186 tractors, 356 trailers, 11 terminal and satellite sites, and three maintenance facilities.
XBL subsidiaries Xcel Bulk Logistics and XBL Industrial Materials have significant capacity throughout the Gulf Coast and the Midwest, as well as a diverse group of tenured, blue-chip customers, KAG President and COO Grant Mitchell said in the announcement.
“The transaction with XBL uniquely positions KAG to materially expand our dry bulk transportation platform in the future,” Mitchell said in the announcement.
PRM Trucking’s existing leadership, 33 drivers and a dozen other staffers will join KAG with the carrier’s 39 tractors, 91 trailers, one terminal and one maintenance facility, according to a Nov. 22 announcement.
With about 3,000 feet of rail, PRM specializes in hauling, transloading and storing lime, sand and other dry bulk products for manufacturers and foundries in the Midwest.
“The further expansion of our dry bulk transportation services will be supported with the latest addition of PRM, allowing us to capitalize on our growing Midwest presence,” said John Rakoczy, EVP for KAG specialty products, in the announcement.
