Celadon Group, Inc. Announces Acquisition Of Truckload Van Assets From Tango Transport
INDIANAPOLIS, Sept. 30, 2015 /PRNewswire/ — Celadon Group Inc. (NYSE: CGI) has announced that one of its wholly-owned subsidiaries today purchased select assets of the truckload business of Tango Transport, LLC (“Tango”). According to the seller’s unaudited financial statements, the Shreveport, Louisiana-based company generated approximately $90 million in gross revenue in 2014.
Celadon Chairman and Chief Executive Officer Paul Will stated, “We are delighted with the Tango acquisition and expect it to fulfill one of our immediate goals of continuing to grow our business with our existing customer base by adding density in our primary traffic lanes and gaining experienced drivers.”
“Based on our evaluation of the business, we believe Tango has quality customers and drivers, with the majority of their customers overlapping our current customer base. We expect to integrate the acquired operations promptly. As part of the integration process, we expect to optimize the combined customer, driver and equipment base to improve asset productivity. We believe we can enhance the service to Tango’s former customers through an upgraded equipment fleet, excellent technology, more available assets for dispatch and an outstanding safety record. We expect the acquired operations to be accretive beginning in the December 2015 quarter.”
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