Indianapolis-based Celadon Group Inc. has acquired the truckload business assets of Tango Transport LLC, a Shreveport, Louisiana-based transportation company, Celadon announced Wednesday night.
Financial terms and details of the deal were not disclosed. Celadon said Tango generated about $90 million in gross revenue in 2014.
"We are delighted with the Tango acquisition and expect it to fulfill one of our immediate goals of continuing to grow our business with our existing customer base by adding density in our primary traffic lanes and gaining experienced drivers," Celadon CEO Paul Will said in a written statement announcing the deal.
Tango was founded in 1991 by the father-and-son team of Robert E. Gorman and BJ Gorman. It carries dry goods for companies such as General Motors, FedEx, Temple-Inland, International Paper, Academy Sports, Land O'Lakes, Wal-Mart, Unilever and Owens Corning.
The company has a trucking terminal in Shreveport and other facilities in Sibley, Louisiana; West Memphis, Arkansas; and Madisonville, Kentucky.
"Based on our evaluation of the business, we believe Tango has quality customers and drivers, with the majority of their customers overlapping our current customer base," Will said. "We expect to integrate the acquired operations promptly. As part of the integration process, we expect to optimize the combined customer, driver and equipment base to improve asset productivity."
Celadon shares fell 5 cents Wednesday prior to the announcement, closing at $16.02 each