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Celadon snaps up two more trucking companies

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Celadon Group Inc.'s litany of acquisitions rolls on, with two more deals announced Friday that will expand its footprint and add temperature-controlled service to its specialties.

The Indianapolis-based company's Celadon Trucking Services subsidiary has agreed to acquire Warren-based Rock Leasing Inc. in northeast Indiana and Wadley, Ala.-based Kelly Logistics Inc.

Terms of the purchases were not disclosed.

Rock Leasing is a leading provider of temperature-controlled shipments in the Midwest. Celadon plan to maintain Rock’s Indiana leasing facility — a 20-acre site in Huntington County that includes 150,000 square feet of warehouse space.

Kelly Logistics offers dedicated customer spotting and shuttle services in the Southeast.

“Based on previous acquisitions, we believe we can actually enhance that service through upgraded equipment, advanced technology, additional assets available for dispatch, and an industry leading safety record,” Celadon CEO Paul Will said in a prepared statement.

Celadon has made more than a dozen acquisitions in as many years—typically small, privately held carriers. Many have been under pressure during the economic slowdown. Often, their value is found in their equipment and assets.

In 2011 alone, Celadon bought the dry van division assets of Dallas-based FFE Transportation and acquired Pennsylvania-based Martini Transportation.

That year, Celadon also bought 6.3 percent of Arkansas-based USA Truck. Celadon expressed interest in a deeper “association,” but USA management slammed the door.

Celadon is one of the nation’s largest truckload carriers, with customers including Chrysler, General Electric, Phillip Morris and Walmart.  In its most recent fiscal year, Celadon earned $15.2 million on revenue of $568.3 million.

Earlier this week, parent Celadon Group Inc. said it plans to build a $5.25 million driver-training center and add 182 workers to its 633-employee local work force by 2016, according to documents filed with the city.
 

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  1. Cramer agrees...says don't buy it and sell it if you own it! Their "pay to play" cost is this issue. As long as they charge customers, they never will attain the critical mass needed to be a successful on company...Jim Cramer quote.

  2. My responses to some of the comments would include the following: 1. Our offer which included the forgiveness of debt (this is an immediate forgiveness and is not "spread over many years")represents debt that due to a reduction of interest rates in the economy arguably represents consideration together with the cash component of our offer that exceeds the $2.1 million apparently offered by another party. 2. The previous $2.1 million cash offer that was turned down by the CRC would have netted the CRC substantially less than $2.1 million. As a result even in hindsight the CRC was wise in turning down that offer. 3. With regard to "concerned Carmelite's" discussion of the previous financing Pedcor gave up $16.5 million in City debt in addition to the conveyance of the garage (appraised at $13 million)in exchange for the $22.5 million cash and debt obligations. The local media never discussed the $16.5 million in debt that we gave up which would show that we gave $29.5 million in value for the $23.5 million. 4.Pedcor would have been much happier if Brian was still operating his Deli and only made this offer as we believe that we can redevelop the building into something that will be better for the City and City Center where both Pedcor the citizens of Carmel have a large investment. Bruce Cordingley, President, Pedcor

  3. I've been looking for news on Corner Bakery, too, but there doesn't seem to be any info out there. I prefer them over Panera and Paradise so can't wait to see where they'll be!

  4. WGN actually is two channels: 1. WGN Chicago, seen only in Chicago (and parts of Canada) - this station is one of the flagship CW affiliates. 2. WGN America - a nationwide cable channel that doesn't carry any CW programming, and doesn't have local affiliates. (In addition, as WGN is owned by Tribune, just like WTTV, WTTK, and WXIN, I can't imagine they would do anything to help WISH.) In Indianapolis, CW programming is already seen on WTTV 4 and WTTK 29, and when CBS takes over those stations' main channels, the CW will move to a sub channel, such as 4.2 or 4.3 and 29.2 or 29.3. TBS is only a cable channel these days and does not affiliate with local stations. WISH could move the MyNetwork affiliation from WNDY 23 to WISH 8, but I am beginning to think they may prefer to put together their own lineup of syndicated programming instead. While much of it would be "reruns" from broadcast or cable, that's pretty much what the MyNetwork does these days anyway. So since WISH has the choice, they may want to customize their lineup by choosing programs that they feel will garner better ratings in this market.

  5. The Pedcor debt is from the CRC paying ~$23M for the Pedcor's parking garage at City Center that is apprased at $13M. Why did we pay over the top money for a private businesses parking? What did we get out of it? Pedcor got free parking for their apartment and business tenants. Pedcor now gets another building for free that taxpayers have ~$3M tied up in. This is NOT a win win for taxpayers. It is just a win for Pedcor who contributes heavily to the Friends of Jim Brainard. The campaign reports are on the Hamilton County website. http://www2.hamiltoncounty.in.gov/publicdocs/Campaign%20Finance%20Images/defaultfiles.asp?ARG1=Campaign Finance Images&ARG2=/Brainard, Jim

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