Freight transportation and logistics provider Celadon Group Inc. on Monday announced its purchase of North Carolina-based carrier Taylor Express.
Taylor is a regional dry van and dry bulk for-hire and dedicated truckload fleet, according to Celadon, with operations mainly serving the tire and retail industries primarily in the South and Southeast.
Celadon said it anticipates Doug Taylor, the founder and previous owner, along with the other present management team will remain in place. It will continue to operate independently under the Taylor Express name, with current Taylor personnel, while drivers, administrative employees and customers should notice little change moving forward, according to Celadon.
Celadon paid approximately $49 million at closing for the purchase of the business, including $6 million for a tax election.
"Taylor Express will be a tremendous addition to our strategic platform," said Paul Will, Celadon president and CEO. "Doug Taylor has brought together an outstanding management team, focused on providing excellent service to customers. Our plans are to keep his executive team and administrative organization in place, while providing the needed resources to grow operations."
Taylor started in 1987 and is currently an asset-based carrier that operates approximately 190 trucks, 840 trailers and generates approximately $38 million in total annual revenue, according to Celadon.