Celadon has announced the acquisition of A&S Services Group (A&S). A&S is a regional for-hire and dedicated truckload carrier based in New Freedom, in Pennsylvania, US. Its road freight operations provide dry van transportation services to the US Mid-Atlantic and North East. A&S is also a supplier of logistics, warehousing and distribution services in those areas. The company has approximately 500 trucks, 1,500 trailers and 500,000 sq ft of warehousing space.
Celadon expects the present management team to remain in place and continue to operate independently under the A&S Kinard name and with the A&S personnel, principles and procedures. Drivers and administrative A&S associates as well as customers, should notice little change moving forward.
Celadon paid $55m at closing and assumed $31.8m in operating leases that Celadon will capitalize and record on its balance sheet for approximately $74.9m of tangible net assets. Of the closing amount, $2.75m was held in escrow to secure indemnification obligations.
“I look forward to bringing the vast, leading edge resources of Celadon to our customer base,” commented Ken Buck, President of A&S. “This should help further accelerate our aggressive growth plans in the Mid-Atlantic and the North East.”
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