News: Business Environment
HOT TOPIC: Gravel Haulers Protest Milton MTO Weigh Station VIDEO: How to Haul 800,000 lb. Generator Vessels
1 Comments Share
Celadon Selling $53 Million in Leases, Tractors

INDIANAPOLIS, IN — Trucking company operator Celadon Group has agreed to sell its independent contractor lease portfolio to Element Financial Corporation, an equipment finance company.

The exchange puts $53 million in Celadon’s pocket, which the company expects to use to pay down its bank line.

"This transaction will allow us to reduce the amount of debt on our balance sheet, while at the same time providing us with the ability to expand and develop our fleet through a more asset-light model,” said Paul Will, Celadon president and CEO.

The existing portfolio includes about 600 leases and tractors that are currently in service with independent contractors with Celadon and other partner carriers. 

As part of this transaction, Element will provide financing for the renewal and expansion of the transportation assets operated by independent lessees under contract to Celadon.


Email Editor     Comment Below
Rate this Article!
Filed Under: trucking trucks tractors Celadon
We Recommend:
Popular this Week:
Social Activity




Notify me of other comments on this story (requires email and password)

* Please type the letters above exactly as they appear:  

Please Note:

While we value your feedback, please avoid profane or personal attacks. You should know that if your comment contains libelous, prejudicial or just plain wrong statements, it will be deleted.


Too many owner-op were sending the trucks back this way if the owner-op send the truck back they will lose everything else they own

Report Abuse

Video Reel