Celedon Acquires Tango

Celadon Group Inc. announced last night that it has purchased Shreveport, Louisiana-based Tango Transport.

The monetary details of the deal were not disclosed, but Celadon did reveal that Tango generated $90 million in gross revenue last year.

Celadon CEO Paul Will said of the acquisition:

“We believe Tango has quality customers and drivers, with the majority of their customers overlapping our current customer base. We expect to integrate the acquired operations promptly. As part of the integration process, we expect to optimize the combined customer, driver and equipment base to improve asset productivity. We believe we can enhance the service to Tango’s former customers through an upgraded equipment fleet, excellent technology, more available assets for dispatch and an outstanding safety record. We expect the acquired operations to be accretive beginning in the December 2015 quarter.”

Tango Transport was founded in 1991 by the father and son team Robert E. Gorman and BJ Gorman.

Celadon’s shares fell five cents yesterday prior to the announcement.

Sources:
Bayou Buzz
WSFA