Celadon Acquires Taylor Express for $43MM



Celadon Group announced the acquisition of 100% of the stock of Taylor Express. Hope Mills, NC-based Taylor is a dry van and dry bulk for-hire and dedicated truckload carrier. Taylor’s fleet operations principally serve the tire and retail industry primarily in the South and Southeast regions.

Celadon anticipates Doug Taylor, the founder and previous owner; Dianne Taylor, his wife; Robbie Taylor, his son; and the present management team will remain in place. It will continue to operate independently under the Taylor Express name, with the current Taylor personnel. Taylor drivers and administrative employees, as well as customers, should notice little change moving forward.

Celadon paid approximately $43 million at closing for the purchase of the business. Celadon also paid an additional approximately $6 million attributable to a Section 338(h) (10) tax election related to the purchase that 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.

“Taylor Express will be a tremendous addition to our strategic platform,” commented 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.”


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