Celadon Group, Inc. announced that it has entered into a joint venture agreement with Element Transportation LLC (Element), a subsidiary of Element Fleet Management. Joint venture combines over 10,000 leasing assets under common management and ownership. Celadon's Quality Companies business unit contributes leasing assets and increases its recurring service revenue as service provider to the joint venture. Non-controlling interest in joint venture to be accounted for under the equity method. Simpson Thacher represented Element Transportation LLC in the formation and financing of a joint venture between Element and Celadon Group, Inc. Each of Celadon and Element owns slightly less than 50% of the joint venture’s equity, with employees of 19th Capital holding the remainder. The Simpson Thacher team working on the transaction included Patrick Naughton, Judy Huang, Andrew Edelen and Jeffrey Wittman (M&A); James Cross, Homin Lee, Adam Weiner and Valdemar Washington (Credit); and John Creed and Taylor Weinstein (Tax).