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Celadon acquires Canadian trucking company

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Indianapolis-based Celadon Group Inc. has agreed to acquire Canadian truckload carrier Hyndman Transport Limited, the company announced Wednesday.

Terms of the deal weren’t disclosed. Celadon is making the deal through its Celadon Trucking Services Inc. subsidiary.

Hyndman, based in Wroxeter, Ontario, operates about 175 tractors and brought in roughly $48 million in revenue in 2012. It provides domestic shipments in Canada and international shipments between Canada and the United States.

"Hyndman has been a well-respected Canadian truckload carrier that has provided a high level of dry van freight services for its customers since 1937," Celadon CEO Paul Will said in a prepared statement. "We believe this acquisition offers solid potential to expand our domestic Canada footprint and advance our overall growth plans…”

Celadon will take over a 21-acre terminal property in Wroxeter as part of the deal.

Hyndman President Mike Campbell and Chief Financial Officer Jeff Sippel will join Celadon and continue to manage the business.

Celadon shares were down 16 cents Thursday morning, to $19.52 each.

 

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