Canadian trucking company Bison Transport acquired all of the intermodal assets of Indianapolis, Indiana-based Celadon Group Inc. on April 26.
The acquisition includes Celadon’s container-on-flat-car intermodal operations (COFC), as well as its operating personal, drivers, customers and supplier relationships, Bison said in a release.
The acquisition will expand Bison’s intermodal service and its ability to support cross-border shippers in the U.S, Canada and Mexico, the company said.
Our intermodal business platform is approximately five times larger than it was five years ago,This strategic move supports our corporate initiative for continued growth in our asset-light business platforms.
said Brad Chase, vice president of logistics and multimodal of Bison.
Financial details of the acquisition were not disclosed.
Celadon Group has been besieged by financial woes since the U.S. Securities and Exchange Commission launched an investigation into its past accounting practices. On April 25, Celadon was ordered to pay its shareholders $42.2 million after admitting securities fraud violations were committed by its prior management team.
The company also sold its brokerage and third-party logistics group to TA Services of Mansfield, Texas, for $60 million on April 22.Read More
Are you enjoying the article? Join our community for even more!