Celadon Trucking acquired a portion of the equipment of Hiner Transport, a truckload carrier based in Huntington, Ind. Terms of the deal were not disclosed.
The transaction is the fourth acquisition for Celadon since last October, and follows the acquisition of assets and drivers from Teton Transportation in February.
Last year, Celadon bought American Eagle, the non-refrigerated division of Frozen Foods Express, and Glen Moore, the truckload wing of YRC Worldwide.
“The Hiner deal provides quality customer gains, incremental density in key traffic lanes, and access to an experienced driver pool,” said Paul Will, president and COO.
“Hiner had a solid, core group of customers and drivers, and we expect to fully integrate these groups within our operations in a prompt, efficient manner.”
Hiner Transport, founded in 1967 by Homer F. Hiner, operates about 200 tractors in regional and long-haul service, according to the company’s Web site.
Celadon is following a strategy aimed at acquiring drivers, according to Steve Russell, chairman and CEO of the $557 million Indianapolis-based carrier.
“When we make an acquisition we buy the tractors and then sell them off as quickly as we can,” Russell said in an interview earlier this year. “We then take over the customer base and hire the drivers who meet our qualifications.”
Acquisitions over the past year increased Celadon’s seated tractor count by 218, or 8.3 percent, the company said in its latest quarterly earnings statement.
In the nine months that ended March 31, Celadon revenue rose 5.9 percent to $441.2 million. In the last quarter, revenue surged 10.5 percent to $153.2 million.
Contact William B. Cassidy at wcassidy@joc.com. Follow him on Twitter at @wbcassidy_joc
