The Chicago, Illinois-based digital freight broker CDL 1000 announced Februart 12 that it will acquire its competitor Next Trucking in an equity deal. The terms of the deal have not yet been announced.
According to The Wall Street Journal, CDL 1000 founder Andrew Sobko said that this acquisition, as well as the company’s purchase of Hickory Transportation Services in November, will allow the organization to expand its services nationwide.
“CDL 1000 was present in 18 major ports, but never had any major market share in L.A.,” Sobko said. “Now, through the Next Trucking acquisition we are one of the top three trucking players in L.A. and Long Beach.”
CDL 1000 said the deal was financed by the venture capital firms Brookfield Growth and Mucker Capital, which had both previously backed Next Trucking, as well as other companies such as SVB Capital.
Nicholas Sammut, the managing director of Brookfield Growth, said that he believes CDL 1000 will make more acquisitions “that will drive the digital transformation of legacy operators and assets.”
Founded in 2015, Next Trucking was able to raise $273 million before it was acquired, enabling the company to achieve a value of $196 million as of July 2023, according to PitchBook Data.
