Indianapolis-based truckload conglomerate Celadon Group is buying the Champaign, IL-based truckload van division of CX Roberson, along with 370 tractors and 670 van trailers, for roughly $22.7 million. In addition, Celadon is offering employment to approximately 320 qualified drivers.
The truckload van portion of CX Roberson’s business generated approximately $45 million in gross revenue in 2004, according to unaudited financial statements, said Steve Russell, Celadon’s chairman and CEO, and the purchase does not include Roberson’s flatbed business and related assets.
Russell added that Celadon’s goal with this purchase is to continue to diversify its customer base, add density in Celadon’s primary traffic lanes, and gain a significant number of experienced drivers.
“Based on our evaluation of the business, we believe Roberson had a core group of high-quality customers and drivers, but suffered from the excessive cost structure that plagues many mid-sized carriers,” he said. “We expect to integrate the acquired operations promptly and, as part of the integration process, we expect to optimize the combined customer, driver, and equipment base to improve asset productivity.”
