XPO Acquires Port Trucker Bridge Terminal
XPO Logistics has made a deal to acquire Bridge Terminal Transport (BTT) Services, one of the largest motor carriers serving ports and intermodal facilities in the United States, for $100 million.
A few days ago, XPO spent $3.5 billion to purchase French third-party logistics provider Norbert Dentressangle.
Based in Charlotte, N.C., BTT is a drayage provider, which transports goods over a short distance, offering international and domestic transportation services at major port locations and inland rail sites throughout the U.S.
BTT has 28 terminals and some 1,300 independent owner-operators.
BTT had revenue of $232 million for the 12 months ended March 31. The XPO statement said the acquisition price represents a multiple of 8.1 times BTT’s tax-free cash flow over the same time.
The acquisition of BTT will bring the fast-growing third-party logistics operator’s drayage fleet to more than 2,000 independent owner-operators, the company said in a first-quarter earnings release, in which XPO reported a $14.7 million loss.
The Beverly Hills, Calif., firm acquired Bridge Terminal Transport from conglomerate Maersk Inc. for an undisclosed amount in September 2013.
Publicly traded XPO, of Greenwich, Conn., is a third-party service provider of transportation logistics, primarily serving customers based in North America.