INDIANAPOLIS, IN – Celadon Group, Inc. has purchased 100% of the stock of Hope Mills, N.C.-based Taylor Express, Inc.
Taylor, a regional dry van and dry bulk for-hire and dedicated truckload carrier, principally serves the tire and retail industry in the south and southeast United States.
Celadon anticipates the present management team will remain in place, including Doug Taylor, the founder and previous owner; Dianne Taylor, his wife; and Robbie Taylor, his son.
It will continue to operate independently under the Taylor Express name, with the current Taylor personnel.
Celadon paid approximately $43 million at closing for the purchase of the business. Celadon also paid an additional approximately $6 million tax election.
The purchase is expected to generate net present value of expected future cash tax savings in excess of this amount.
The balance sheet was delivered on a cash-free and debt-free basis and includes approximately $27 million of tangible net assets. Of the closing amount, approximately $2.2 million was held in escrow to secure indemnification obligations.
“I’m excited to bring the comprehensive, state-of-the-art resources of Celadon to our customer base,” said Doug Taylor, CEO of Taylor Express, Inc. “This should help us continue to service our current customers and ultimately provide the necessary resources to offer more capacity to our customers and grow our revenue.”
“Taylor Express will be a tremendous addition to our strategic platform,” said Paul Will, Celadon president and CEO. “Doug Taylor has brought together an outstanding management team, focused on providing excellent service to customers. Our plans are to keep his executive team and administrative organization in place, while providing the needed resources to grow operations.”
Taylor operations started in 1987 when Doug Taylor began relationships with customers that still exist today. Taylor is an asset-based carrier that operates approximately 190 trucks, 840 trailers and generates approximately $38 million in total annual revenue.
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