Celadon Trucking is purchasing a portion of the assets of USA Dry Van of McAllen, Texas, reinforcing its driver pool and increasing its U.S.-Mexico business. The acquisition, terms of which were not disclosed, is the latest in a string of purchases by Celadon over the past year aimed at expanding its driver roster.
Since last October, Celadon has acquired the assets, though not operations, of Glen Moore, American Eagle, Teton Transportation and, in June, Hiner Transport. Those acquisitions increased the Indianapolis-based Celadon Trucking’s average seated tractor count by 7.2 percent in the second quarter, the company said.
The Indianapolis-based carrier’s average number of seated line-haul tractors rose to 2,808 in the June 30 quarter, compared with 2,620 tractors a year ago. “When we make an acquisition, we buy the tractors and then sell them off as quickly as we can,” Chairman and CEO Steve Russell said in an interview earlier this year.
The USA Dry Van deal also strengthens Celadon’s core cross-border business and will help Celadon build density in primary lanes, President and COO Paul Will said.
For the fiscal year that ended June 30, Celadon Group increased net profit 67.8 percent to $25.5 million as the company’s revenue rose 5.4 percent to $599 million.
The parent of Celadon Trucking reported a $9 million net profit on $157.5 million in revenue in the last quarter, with a 4.6 percent increase in trucking revenue.