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News Breaks
April 1, 2014
12:40 EDTCGICeladon Group announces sale of lease portfolio assets
Celadon Group announced that it has agreed to sell its independent contractor lease portfolio and associated assets to Element Financial. The existing portfolio includes approximately 600 leases and tractors that are currently in service with independent contractors with Celadon and other partner carriers. The purchase price of the transaction is approximately $53M, which the company expects to use the funds to pay down its bank line. As part of this transaction, the company has also entered into a Program Agreement with Element under which Element will provide financing for the renewal and expansion of the transportation assets operated by independent lessees under contract to Celadon.
News For CGI From The Last 14 Days
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October 31, 2014
14:07 EDTCGICeladon Group upgraded to Outperform from Peer Perform at Wolfe Research
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October 29, 2014
17:27 EDTCGICeladon Group reports Q1 EPS 34c, consensus 34c
Reports Q1 revenue $193.4M, consensus $202.75M.
October 27, 2014
14:29 EDTCGICeladon Group acquires A&S Services Group for $55M, assumes leases
Celadon Group announced the acquisition of A&S Services Group, a regional for-hire and dedicated truckload carrier based in New Freedom, PA. A&S's fleet operations provide dry van transportation services almost exclusively and principally serve the Mid-Atlantic and Northeast regions. Celadon anticipates 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. At the present time, A&S is approximately a 500 truck, 1,500 trailer asset-based carrier with approximately 500,000 square feet of warehouse space. 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.
13:36 EDTCGICeladon Group trading halted, news pending
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October 21, 2014
17:01 EDTCGICeladon Group divides CFO role
The company announced the division of the CFO role into separate Principal Accounting Officer and Principal Financial Officer positions. Bobby Peavler has been appointed Vice President and Principal Accounting Officer. Leslie Tarble has been appointed Vice President, Treasurer and Principal Financial Officer. She previously held the position of Vice President of Finance at Celadon.
16:59 EDTCGICeladon Group names Eric Meek as COO, effective immediately
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