Digital freight marketplace CDL 1000 has expanded its market share into Los Angeles with the acquisition of competitor Next Trucking.
The Wall Street Journal reported the acquisition Monday morning, but the terms of the deal were not disclosed.
Next Trucking operates at the Los Angeles and Long Beach ports, an integral area for freight in the U.S. Currently, Chicago-based CDL 1000 lacks a presence there, and the acquisition seeks to rectify that. Founder and CEO Andrew Sobko told the Journal that the move makes the company one of the top three trucking players in Los Angeles and Long Beach.
Brookfield Growth and Mucker Capital financed the deal.
Next Trucking announced in June that it was looking for either additional capital or an exit. The news comes after a particularly harsh year in FreightTech with many major companies downsizing or forced to shut down.
This is a developing story. Check back here for details.
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