Trucking company owner, Celadon Group, has sold off its minority ownership in TruckersB2B.
According to a Securities and Exchange Commission filing earlier this month, the sales price was approximately $21 million. Celadon expects to use the proceeds to pay down bank debt.
TruckersB2B is a business-to business membership program that provides savings to small and medium-sized trucking companies, including rebates and discounts from industry vendors. Founded in 2000, the service has over 25,000 member fleets representing over 550,000 trucks, according to its website.
The move comes as Celadon purchased nine trucking companies since 2013, increasing its revenue, but also doubling its long term last year to more than $150 million, which was later cut by around a third by the end of last March. In April it sold its truck leasing and financing business for $53 million.
In the first quarter of the year, Celadon reported revenue increased more than 29% from a year earlier to $193.2 million, though net income fell 20.5% to $3.5 million.