Celadon Acquires A&S Services Group
Celadon Group has acquired A&S Services Group, a regional for-hire and dedicated truckload carrier, for $55 million.
Based in New Freedom, Pennsylvania, A&S provides dry van transportation services in the Mid-Atlantic and Northeast. A&S also is a major supplier of logistics, warehousing and distribution services in those regions.
Celadon said it assumed $31.8 million in operating leases that it will capitalize and record on its balance sheet for approximately $74.9 million of tangible net assets. Of the $55 million closing amount, $2.75 million was held in escrow to secure indemnification obligations.
"I look forward to bringing the vast, leading-edge resources of Celadon to our customer base," A&S President Ken Buck said. "This should help further accelerate our aggressive growth plans in the Mid-Atlantic and the Northeast."
"The various companies of A&S will be a terrific complement to our strategic footprint," Celadon President and CEO Paul Will said. "Ken Buck has assembled an excellent operating team, focused on providing a high service level to customers. We plan to keep his executive team and administrative organization in place while providing the necessary resources to expand operations."
Celadon said A&S is an asset-based carrier with about 500 trucks and 1,500 trailers and has approximately 500,000 square feet of warehouse space. Celadon said A&S will continue to operate independently under the A&S Kinard name.
In September, Celadon’s trucking unit acquired about 100 tractors and 200 refrigerated trailers from Furniture Row Express. The company has made more than a dozen acquisitions over the past several years.
Indianapolis-based Celadon ranks No. 44 on Transport Topics Top 100 list of for-hire carriers in the United States and Canada.
