Trucking company operator Celadon Group has agreed to sell its independent contractor lease portfolio and associated assets to Element Financial Corporation, an equipment finance company.
Celadon Selling $53 Million in Leases and Tractors to Reduce Debt
Trucking company operator Celadon Group has agreed to sell its independent contractor lease portfolio and associated assets to Element Financial Corporation, an equipment finance company.
by Staff
April 1, 2014
Photo: Evan Lockridge
1 min to read
The purchase price of the transaction is approximately $53 million, which the company expects to use the funds to pay down its bank line.
The existing portfolio includes approximately 600 leases and tractors that are currently in service with independent contractors with Celadon and other partner carriers.
As part of this transaction, the company has also entered into a program agreement with Element under which Element will provide financing for the renewal and expansion of the transportation assets operated by independent lessees under contract to Celadon.
"This transaction will allow us to reduce the amount of debt on our balance sheet, while at the same time providing us with the ability to expand and develop our fleet through a more asset-light model,” said Paul Will, Celadon president and CEO.
Topics:Fleet Management
More Fleet Management
ATA’s Spear Warns Fuel Prices, Trade Policy, and Global Conflict Could Stall Trucking Recovery
Speaking at the TMC Annual Meeting in Nashville, ATA President Chris Spear said trucking faces mounting pressure from rising fuel prices, geopolitical instability, and uncertainty around trade policy.
Read More →
New Entrants, Chameleon Carriers, and Safety: Is It Too Easy to Start a Trucking Company?
More than 100,000 new trucking companies enter the industry each year, but regulators manage to audit only a fraction of them. That churn creates opportunities for inexperienced startups — and for “chameleon carriers” that shut down after safety violations and reappear under new identities. Read more from Deborah Lockridge in this commentary.
Read More →
Fleet Managers Invited to Apply for Exclusive HDT Exchange Event
HDTX is an intimate event that connects heavy-duty trucking fleet managers with industry suppliers through small-group discussions, educational sessions, and structured one-on-one meetings.
Read More →
DAT Launches iPhone Widget to Help Owner-Operators Find Loads Faster
New DAT One feature shows top-paying loads directly on an iPhone’s home screen, helping carriers react faster to spot-market opportunities.
Read More →
Optimal Dynamics Launches AI System to Help Carriers Choose Better Freight
Optimal Dynamics says its new Scale platform uses AI agents and optimization to help carriers find and secure freight that improves network balance and profitability.
Read More →
DAT: Flatbed Demand Climbs as Van and Reefer Rates Soften
DAT Freight & Analytics data shows tightening flatbed capacity, easing produce markets, and softening van and reefer rates.
Read More →
Run on Less “Messy Middle” Data Shows Multiple Paths Forward for Truck Powertrains [Watch]
NACFE's Run on Less - Messy Middle project demonstrates the power of data in helping to guide the future of alternative fuels and powertrains for heavy-duty trucks.
Read More →
Federal Court Lets NYC Congestion Pricing Continue
A federal court ruling allows New York City’s congestion pricing program to continue, leaving truck tolls in place for fleets delivering into Manhattan.
Read More →
Fontaine Modification Launches Real-Time Truck Modification Tracking Portal
Fontaine Modification has introduced a new customer portal designed to give fleets real-time visibility into the truck modification process, addressing one of the most common questions fleet managers face: “Where’s my truck?”
Read More →
FTR: Trucking Conditions Index Climbs to Highest Level Since 2022
Strong freight rates, rising volumes and tighter capacity push trucking conditions higher, though diesel prices could temper gains in the near term, FTR cautions.
Read More →