Celadon Group, based in Indianapolis, has paid $24 million for Continental Express, a 23-year-old company based in Little Rock, AR.
The Arkansas Democrat Gazette quoted Lane Kidd, president of the Arkansas Trucking Association, who said that Continental Express is the third-largest privately held trucking company in Arkansas.
Continental Express had revenue of $92 million in 2007, Celadon officials reported.
CNNMoney reported that Celadon is getting the truckload, intermodal and brokerage business of Continental along with 400 tractors and 1,100 trailers. No word yet on the future of Continental’s more than 500 employees.
Celadon has nearly 3,000 drivers and had revenue of more than $565 million this past year from its operations in the U.S., Canada and Mexico.