TORONTO, Ont. – XTL Group (“XTL”) is proud to announce today the acquisition of CBT Inc. (“CBT”), a logistics company based in Oakwood, GA. 

CBT was founded in 1989 by Connie Banks and is strategically located in the Gainesville/Hall Country area of Georgia famously 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. 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 of this year with the acquisition of Transport Savoie, a refrigerated, x-border carrier now operating as Savoie Express Inc., and is another strong example of XTL’s strategic refrigerated growth strategy and expansion.  

“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.” states 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”. 

In addition to being in alignment with the refrigerated segment of XTL’s business, CBT brings additional synergies to XTL’s Logistics offerings, including US domestic dry van, flat bed, heavy haul, over-sized, specialized, and hazmat services. The strategic location of Northeast Georgia also allows for XTL to increase their presence in the United States, open up opportunities between Canada and Mexico, and access US capacity.  

“Serge Gagnon and his committed team of leaders at XTL complement the similar characteristics that CBT has built its reputation on. 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.” -Connie Banks, founder and CEO of CBT.    

This acquisition caps off a tremendous year for XTL in 2021 from a growth and diversity perspective. In addition to the two strategic acquisitions, XTL added 300,000 sq. ft. to their Distribution business through two new distribution centres in BC and ON bringing the total warehousing space to 1.2 million sq. ft., while also expanding their refrigerated Transport service in Western Canada to include the x-border US. 

As part of XTL’s strategic growth plan we are committed to expanding our asset based refrigerated transport and dry trucking operations in Western Canada; to and from the United States.  Alberta and British Columbia are key Canadian provinces where our growth initiatives are focused.

XTL is adding a significant number of both dry and refrigerated units to our capacity to keep up with the growing demand from our valued customers.  A key objective of our expansion plans are to provide the best equipment and experience to attract the best, most experienced drivers who will help us eliminate downtime, increase efficiency and operate in the safest manner possible. Interested drivers can apply for western trucking jobs on our website.

Our new temperature controlled trailers are state of the art and designed with the future of refrigerated transport in mind.  Not only are they equipped with live diagnostics and 2 way communication; they are also 100% recyclable.   XTL is the first carrier to invest in recyclable units addressing end of life for their equipment and strengthening our commitment to the environment.

XTL has operated based in Canada for over 36 years and we continue our dedication to service into the future.  XTL is a C-TPAT, CSA, FAST, PIP and Smartway carrier.  XTL has operations based throughout Canada and offers full service logistics from 3PL warehousing, asset based transportation to 3PL transportation services.

We are proud that XTL was awarded at Trucking HR Canada’s Top Fleet Employers Awards Gala yesterday with the Achievement of Excellence for Workplace Diversity and Inclusion as well as A Top Fleet Award for Employer of Distinction 2021.
We could not achieve this status without the hard work and dedication from each of our employees, and so; this award is dedicated to every member of the XTL Team!
Congratulations!

The refrigerated transport industry is an important part of our economy. It delivers food and medicine to keep our population fed and in good health. XTL Transport is a key player in refrigerated transport and temperature controlled transport. XTL’s recent acquisition of Transport Savoie expands their market capacity and deepens their experience into the US Market.

While XTL has offered dedicated domestic reefer service for over two decades, a key area of growth in recent years has been the expansion of its refrigerated service into the US market. Transport Savoie’s refrigerated experience, particularly throughout the Eastern United States, is a great fit with XTL’s existing network and is in strategic alignment with XTL’s refrigerated growth strategy.

With 9 other locations across Canada, this acquisition extends XTL’s presence in the Centre-du-Quebec region; a central location that supports industries in both the Montreal and Quebec City areas.

The Market is Growing

The challenge of perishability and the need to keep food and non-food categories at the optimum temperature to prevent spoilage are the main growth factors for the refrigerated truck market in the United States and Canada. The global market for refrigerated vehicles reached USD 12 billion in 2020 and will grow by 4% from 2020 to 2025.

A major driving factor of the market for refrigerated transport is the significant increase in demand for frozen products by households and food service operators such as fast food restaurants and other restaurants that require frozen food. This is due to the increasing globalisation and technological development of refrigerated transport systems for fresh, temperature-controlled food. The growth of the refrigerated transport market is expected to be driven by the increasing use of modern cold storage facilities, strict government regulations on the production, processing and transport of high-quality frozen foods and the rising international trade in perishable goods. In addition, the need for temperature controlled pharmaceutical products in a post COVID world will increase as the World prepares for high vaccination rates.

Reefers Cost More to Purchase and Operate

The average temperature controlled trailer used for refrigerated transport has a capital purchase price approximately $50,000 more than a regular dry van used to transport non temperature controlled goods. In addition, the refrigeration unit that keeps the trailer cool requires fuel to operate. This is an additional cost on a per mile basis that increases the cost of transport and can be up to 2% more in fuel costs. Keep this in mind when booking temperature controlled shipments as they are typically a premium over regular dry freight.

Refrigerated Transport Carriers are Doing Their Part to Save the Planet

Equipment manufacturers are doing their part to reduce emissions in both the power units and refrigeration units with the goal of zero emissions. The pressure on the equipment manufacturers is both from refrigerated transport carriers and government regulators. Future ideas being explored by the industry include battery operated refrigeration units and solar powered refrigeration units with solar panels being installed on top of the refrigerated trailer. In addition, the trailers purchased by XTL transport have high R values, which reduce the need for mechanical refrigeration. Plus, all new 2021 models contain 99% recyclable insulation which reduces environmental impact when a reefer unit is decommissioned.

The Driver Shortage is Increasingly Affecting the Refrigerated Transport Industry

While the industry wide driver shortage is affecting all modes of transport, the refrigerated transport industry is affected more so. Drivers who are trained and experienced at delivering food-stuffs and pharmaceuticals that require a high degree of temperature control and monitoring are even harder to find. The challenge for the entire transportation industry, including temperature controlled carriers is going to be not only to attract skilled drivers but also encourage new drivers to take up the profession and increase the capacity of the labour market for long haul truck drivers.

The Refrigerated Transport Industry Depends on Technology

With greater government regulation and safety procedures, the refrigerated transport industry increasingly relies on technology for compliance.

At XTL Transport for example, all reefer trailers are tracked via GPS and their clients have remote access to download GPS data for compliance and to verify their shipments were delivered according to plan. In addition, XTL’s electronic monitoring systems send out alerts to fleet managers if the temperature of any shipment is outside of the shipment parameters for the temperature controlled shipment.

Conclusion

The refrigerated transport market is complex and growing. XTL is not only an expert, but is playing a key role in this market and has invested for the future. Contact XTL Transport for all of your refrigerated transport needs.

On March 29th, 2021, XTL officially joined the ranks of Top Fleet Employer of Distinction in this year’s Trucking HR Canada’s Top Fleet Employer Awards.

To make the Fleet of Distinction list, trucking and logistics employers must be recognized as a Top Fleet Employer for a minimum of 5 years.

The award is rated on topics including recruitment and retention practices, workplace culture, compensation, training and skills development, and innovative HR practices.

We could not achieve this status without the hard work and dedication from each of our employees, and so this award is dedicated to every member of the XTL Team!

For a list of all other recipients, and to learn more about Trucking HR Canada’s Top Fleet Awards, click here.