Celadon Buys N.C. Carrier Taylor Express
Celadon Group Inc. purchased Taylor Express Inc., a regional dry van and dry bulk for-hire and dedicated truckload carrier, for $43 million in cash, the Indianapolis-based carrier announced Jan. 26.
Taylor, which will operate as an independent subsidiary, has operations that principally serve the tire and retail industry, mostly in the South and Southeast. It is based in Hope Mills, North Carolina.
Founder and CEO Doug Taylor; Dianne Taylor, his wife; Robbie Taylor, his son; and the carrier’s present management team will remain in place. Celadon said Taylor’s drivers, employees and customers should notice little change.
“I’m excited to bring the . . . resources of Celadon to our customer base,” Doug Taylor said in a statement. “This should help us continue to service our current customers and ultimately provide the necessary resources to offer more capacity to our customers and grow our revenue.”
“Taylor Express will be a tremendous addition to our strategic platform,” Celadon CEO Paul Will said. “Doug Taylor has brought together an outstanding management team, focused on providing excellent service to customers.”
Taylor ExpressIn addition to $43 million in cash, Celadon paid about $6 million attributable to a tax election.
Taylor was founded in 1987. It operates about 190 trucks, 840 trailers and generates about $38 million in annual revenue.
Taylor’s balance sheet, which was delivered on a cash-free and debt-free basis, includes about $27 million in net assets, Celadon said.
Celadon is ranked No. 44 on the Transport Topics Top 100 list of U.S. and Canadian for-hire carriers.
