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Celadon Sells Off Ownership in TruckersB2B

June 12, 2014

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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.

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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. 

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