According to The Trucker, Celadon Trucking Services has made what the company calls a “substantial” investment in its overall fleet with its recent purchase of more than 1,500 new tractors, consisting of Kenworth tractors, as well as LoneStar and ProStar models from International.

The Trucker notes that Celadon’s new LoneStar trucks will provide its lease purchase operators a one of a kind experience that cannot be matched anywhere else in the marketplace.

In separate news release, Celadon Group announced earlier this year it agreed to sell its independent contractor lease portfolio and associated assets to Element Financial. The existing portfolio includes approximately 600 leases and tractors that are currently in service with independent contractors with Celadon and other partner carriers.

The purchase price of the transaction is approximately $53 million, which the company expects to use the funds to pay down its bank line. As part of this transaction, the company has also entered into a program agreement with Element under which Element will provide financing for the renewal and expansion of the transportation assets operated by independent lessees under contract to Celadon.

To read the entire The Trucker News Services article, click here.

Previously on monitordaily: Element Enters Program Agreement with Celadon Group, April 1, 2014