We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.
  • INDUSTRY PRESS ROOM
  • ABOUT
  • CONTACT
  • MEDIA FILE
  • Create Account
  • Sign In
  • Sign Out
  • My Account
Free Newsletters
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
    • Mobile Apps
  • TRANSPORTATION
  • MATERIAL HANDLING
  • TECHNOLOGY
  • LIFT TRUCKS
  • PODCAST ETC
    • Podcast
    • Webcasts
    • Blogs
      • One-Off Sound Off
      • Global Logistics and Risk
      • Empowering Your Performance Edge
      • Analytics & Big Data
      • Submit your blog post
    • Events
    • White Papers
    • Industry Press Room
      • Upload Your News
    • New Products
      • Upload Your Product News
    • Conference Guides
    • Conference Reports
    • Newsletters
    • Mobile Apps
  • DCV-TV
    • DCV-TV 1: News
    • DCV-TV 2: Case Studies
    • DCV-TV 3: Webcasts
    • DCV-TV 4: Viewer Contributed
    • DCV-TV 5: Solution Profiles
    • ProMat 2023
    • Upload Your Video
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
    • Mobile Apps
  • TRANSPORTATION
  • MATERIAL HANDLING
  • TECHNOLOGY
  • LIFT TRUCKS
  • PODCAST ETC
    • Podcast
    • Webcasts
    • Blogs
      • One-Off Sound Off
      • Global Logistics and Risk
      • Empowering Your Performance Edge
      • Analytics & Big Data
      • Submit your blog post
    • Events
    • White Papers
    • Industry Press Room
      • Upload Your News
    • New Products
      • Upload Your Product News
    • Conference Guides
    • Conference Reports
    • Newsletters
    • Mobile Apps
  • DCV-TV
    • DCV-TV 1: News
    • DCV-TV 2: Case Studies
    • DCV-TV 3: Webcasts
    • DCV-TV 4: Viewer Contributed
    • DCV-TV 5: Solution Profiles
    • ProMat 2023
    • Upload Your Video
Home » Celadon sells off A&S Kinard and Buckler Transport subsidiaries
newsworthy

Celadon sells off A&S Kinard and Buckler Transport subsidiaries

April 2, 2019
DC Velocity Staff
No Comments

Truckload and logistics provider Celadon Group Inc. has sold off two of its transportation lines in its ongoing effort to raise cash and continue its recovery from financial and accounting problems that led to the company's stock being delisted in 2018 from the New York Stock Exchange (NYSE).

Indianapolis-based Celadon said last year that it would restate four years of financial results due to accounting regularities. And in 2017, steep financial losses led to the resignation of then-President and COO Eric Meek and the replacement of many executive positions at the troubled firm.

Celadon has now sold its A&S Kinard and Buckler Transport subsidiaries for $139.5 million.The firm will use some $67.5 million of the proceeds to pay down A&S's equipment debt and capital leases, and use the balance to pay transaction expenses, to reduce borrowings under the company's revolving credit agreement, and to provide additional liquidity, Celadon said.

"Over the past several quarters, we have been diligently focused on streamlining our business, improving the results of our core North American truckload operations, improving our capital structure, and resolving the accounting, litigation, and regulatory issues that had arisen under prior management," Celadon CEO Paul Svindland said in a release. "The sale of A&S/Buckler marks another material milestone toward executing our plan. We anticipate additional announcements in the near term as we focus on positioning the Company to pay down additional debt, refresh our tractor fleet, complete our financial restatement and audits, and solidify our capital structure."

The purchaser was an affiliate of Day & Ross Inc., a Canadian less than truckload (LTL), truckload, and dedicated carrier and a subsidiary of McCain Foods Limited. "We appreciate the contributions of A&S/Buckler team over the several years they were part of our Celadon family of companies," Svindland said. "They have outstanding businesses and will find a strong fit and home at Day & Ross, which is building a leading dedicated truckload business in North America."

According to Celadon, it had acquired the York, Pa.-based A&S and Roulette, Pa.-based Buckler businesses in 2014-15, and used them to provide regional, dedicated, and specialized transportation services in the Northeast and Mid-Atlantic regions. In 2018, A&S and Buckler generated approximately $160.4 million in revenue, excluding certain operations that were not included in the transaction, Celadon said.

Transportation Trucking Business Management & Finance
KEYWORDS Celadon Group Inc. Day and Ross
    • Related Articles

      Celadon buys A&S Services to expand scope in Northeast, mid-Atlantic

      Celadon sells flatbed trucking business to PS Logistics unit

      Roadrunner sells off retail consolidation arm to C.H. Robinson for $225 million

    Recent Articles by DC Velocity Staff

    Logistics gives back: June 2023

    Maersk turns to drones to track warehouse inventory

    Containerized freight handler STG acquires Best Dedicated Solutions

    You must login or register in order to post a comment.

    Report Abusive Comment

    Most Popular Articles

    • Union Pacific agrees to provide more predictable schedules for union rail workers

    • Schneider National opens innovation center at Wisconsin headquarters

    • DHL Supply Chain will expand Locus Robotics fleet to 5,000 AMRs

    • Parcel carriers, shippers steer into choppy waters as a perfect storm of challenges approaches

    • Trucking companies face “modestly unfavorable” outlook heading into 2024

    Now Playing on DCV-TV

    Mason case study thumbnail ste dcvtv

    See How Mason Drives Continued Growth with Multiple Pack & Ship Automation Systems Consolidated Under One Roof

    DCV-TV 4: Viewer Contributed
    We sat down with Craig Ritzinger, Facilities Manager, Mason Companies, to hear how the companies' continued growth and expansion has required innovations in warehouse fulfillment over time. Mason worked with StreamTech to implement a new fulfillment system for one of their brands, as well as bringing the other...

    FEATURED WHITE PAPERS

    • How to Use Economic Uncertainty to Gain Competitive Ground with Automation

    • Exploring Customized Forklift Solutions

    • Exploring the Future of Labor Management With Capacity Planning

    • Three layers of forklift safety: Promoting operating best practices

    View More

    Subscribe to DC Velocity Magazine

    GET YOUR FREE SUBSCRIPTION
    • SUBSCRIBE
    • NEWSLETTERS
    • ADVERTISING
    • CUSTOMER CARE
    • CONTACT
    • ABOUT
    • STAFF
    • PRIVACY POLICY

    Copyright ©2023. All Rights ReservedDesign, CMS, Hosting & Web Development :: ePublishing