Indianapolis-based transport and logistics company Celadon has announced that one of its subsidiaries has acquired select assets of fellow US company, Tango Transport.
According to the seller's unaudited financial statements, the Louisiana-based Tango business generated approximately $90 million in gross revenue in 2014.
Celadon Chairman and Chief Executive Officer, Paul Will, stated, “We are delighted with the Tango acquisition and expect it to fulfil one of our immediate goals of continuing to grow our business with our existing customer base by adding density in our primary traffic lanes and gaining experienced drivers.”
“Based on our evaluation of the business, we believe Tango has quality customers and drivers, with the majority of their customers overlapping our current customer base. We expect to integrate the acquired operations promptly. As part of the integration process, we expect to optimise the combined customer, driver and equipment base to improve asset productivity.
“We believe we can enhance the service to Tango's former customers through an upgraded equipment fleet, excellent technology, more available assets for dispatch and an outstanding safety record. We expect the acquired operations to be accretive beginning in the December 2015 quarter.”