In the last year, Celadon acquired assets from the following trucking companies: American Eagle, Glen Moore and the truckload wing of YRC Worldwide.
The Hiner deal provides quality customer gains, incremental density in key traffic lanes, and access to an experienced driver pool, said Paul Will, president and COO.
Hiner had a solid, core group of customers and drivers, and we expect to fully integrate these groups within our operations in a prompt, efficient manner.
Celadon CEO and Chairman Steve Russell says the company’s strategy is aimed at acquiring drivers.
When we make an acquisition, we buy the tractors and then sell them off as quickly as we can, Russell said in an interview earlier this year. We then take over the customer base and hire the drivers who meet our qualifications.
The Journal of Commerce reported, “Acquisitions over the past year increased Celadon’s seated tractor count by 218, or 8.3 percent, the company said in its latest quarterly earnings statement. In the nine months that ended March 31, Celadon revenue rose 5.9 percent to $441.2 million. In the last quarter, revenue surged 10.5 percent to $153.2 million.”