Celadon 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.
Celadon 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.