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Continuing its latest buying spree, XPO Logistics has entered deal to acquire Charlotte, North Carolina-based Bridge Terminal Transport for $100 million.
XPO said the deal would almost triple its drayage capacity to more than 2,000 independent owner-operators, primarily on the U.S. East Coast.
"Drayage capacity is tight," Chief Executive Bradley Jacobs told Reuters. "Often we get requests from customers to move their freight, and if you don't have drayage capacity you could get into bad situations."
Bridge is the largest U.S. asset-light drayage provider, with a network of 28 terminals and about
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1,300 independent owner-operators.
XPO, which signed its biggest deal in history last week when it made an agreement to buy France’s Norbert Dentressangle SA for $3.5 billion including debt, has become a one-stop shop in transportation logistics, mainly through acquisitions.
"It's very likely that we'll do at least one or two more deals by the end of this year, either in North America or Europe," Jacobs said, without providing details.
The company raised its 2015 year-end run rate revenue target to at least $9.5 billion.
For more of the CNBC Reuters story: www.cnbc.com
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