U.S. trucking operation, Celadon Group, has announced an agreement to acquire selected assets of N. Yanke Transfer Limited based in Saskatoon, Saskatchewan.
Yanke operates approximately 300 tractors, including more than 100 team expedited trucks, and generated approximately $90 million in revenue in 2012. The company comprises both domestic Canadian shipments and international shipments between Canada and the United States. Additional terms and conditions of the transaction were not disclosed.
With this acquisition, the Indiana-based Celadon says it will continue to grow its international footprint and service offerings in Canada, with an increased presence in the western provinces. Celadon grew its western Canadian business earlier in the year with its acquisition of Hyndman Transport. Celadon will maintain a number of Yanke’s terminal locations throughout Canada.
The acquisition enters Celadon into container rail movements in Canada, which represents approximately $30 million of Yanke’s 2012 revenue. Paired with Celadon’s existing intermodal revenue in the U.S., the company now expects to generate approximately $60 million in annual revenue from rail shipments in North America.
“The time has come for me to retire. I am happy to pass the Yanke torch to a company like Celadon that shares our same beliefs, values our work, and is committed to growing the company within the Canadian and US markets,” said Russel Marcoux, CEO and president of N. Yanke Transfer Ltd.
Celadon anticipates having more than 800 drivers in its Canadian operations upon conclusion of this transaction, making the company one of the country’s largest carriers.
Terms of the deal have not been released.