Celadon Group Divests Assets Associated with Intermodal Business Unit

Celadon completed the sale of the COFC Intermodal Division to Bison Transport, one of Canada’s largest transportation companies

Celadon Group, Inc. has disposed of substantially all of the assets associated with its North American “container on flat car” intermodal operations (collectively, the “COFC Intermodal Division”) in an all cash transaction.

The Company continued its strategic plan to streamline operations, reduce total debt, and focus on its core business by completing the sale of the COFC Intermodal Division to Bison Transport (“Bison”), one of Canada’s largest transportation companies.   The sale includes operating personnel, drivers, customer and supplier relationships, containers, and chassis, among other assets.  The COFC Intermodal Division contributed approximately $20.2 million in revenue to the Company’s consolidated results for the calendar year ended December 31, 2018. As part of the transaction, the Company has agreed to refer certain future COFC intermodal work to Bison in exchange for an undisclosed referral fee and will also provide certain services during a transition period.

Paul Svindland, the Company’s Chief Executive Officer, commented:  “We are pleased to have completed the sale of our COFC Intermodal Division.  This represents another important step in divesting our non-core businesses and returning to our roots as a leading North American truckload carrier.  I want to personally thank our intermodal employees and COFC Intermodal Division customers for their invaluable support over the last several years – I expect their transition to Bison will be a smooth one.”

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