Indianapolis-based Celadon Group Inc. has acquired a Pennsylvania trucking firm for $55 million, the company announced Monday.
A&S Services Group LLC is a regional for-hire truckload company based in New Freedom that serves the Mid-Atlantic and Northeast regions. New Freedom is a borough of 4,500 in southeast Pennsylvania, near the Maryland border, about midway between Harrisburg and Baltimore.
Celadon said it assumed $31.8 million in operating leases that it will capitalize and record on its balance sheet for approximately $74.9 million of tangible net assets.
A&S is expected to maintain its management team and operate independently under the A&S Kinard name.
"I look forward to bringing the vast, leading-edge resources of Celadon to our customer base," A&S President Ken Buck said in a written statement. "This should help further accelerate our aggressive growth plans in the Mid-Atlantic and the Northeast."
A&S provides dry-van transportation services, logistics, warehousing and distribution services. It has about 500 trucks, 1,500 trailers, 600 drivers and 500,000 square feet of warehouse space.
"The various companies of A&S will be a terrific complement to our strategic footprint," Celadon CEO Paul Will said in a written statement. "Ken Buck has assembled an excellent operating team, focused on providing a high service level to customers. We plan to keep his executive team and administrative organization in place, while providing the necessary resources to expand operations."
Celadon shares were up 1 percent Tuesday morning, to $20.63 each.