Celadon, truckload shipping company has entered into a joint venture agreement with Element Transportation, fleet management company and a subsidiary of Element Fleet Management. Celadon received approximately $50m in cash proceeds from the sale of equipment associated with the Quality business at net book value for use by the joint venture. The joint venture represents the combination of the former equipment leasing portfolios of Celadon, Element, and 19th Capital that were managed by Quality. The joint venture holds over 10k tractors for use in leasing operations, with a business plan focused on leasing to trucking fleets. "We are very pleased to announce the closing of our previously announced joint venture transaction with Element. With the interests and investments of Element and Celadon strongly aligned, an experienced management team, and the resources to optimize leasing assets, the joint venture has the components for success. The support and business acumen of the Element team was instrumental to the process, and we appreciate their partnership." Paul Will, Celadon Chairman, and Chief Executive Officer.