Ryder System announced today, Oct. 10, the completion of its previously announced acquisition of substantially all the assets of Pollock NationaLease, one of Canada’s largest privately owned commercial truck leasing and rental companies, as well as Pollock’s transportation-based logistics operations.
Ryder says the acquisition is expected to add about $43 million in annualized revenue, of which about 55 percent is related to commercial truck leasing and rental business, and 45 percent is related to the company’s transportation-based logistics business. Ryder anticipates earnings improvement in future years resulting from synergies and operational improvements within the combined companies.
In the transaction, Ryder acquired Pollock’s fleet of about 2,000 vehicles, six service locations and nearly 200 contractual customers served by the Ontario locations of Sarnia, Windsor, London, Baden and Milton, as well as the Moncton, New Brunswick location. Ryder expects to consolidate four overlapping locations from among the combined operations in order to upgrade and increase its capacity to serve customers. The combined network will operate under the Ryder name.
“We’re pleased that Ryder’s strong balance sheet and the improved financial position we have established over the past few years have enabled us to acquire a reputable company with a solid track record and strong commitment to serving customers,” says Greg Swienton, chairman and chief executive officer of Miami-based Ryder. “This acquisition strengthens our network and product offering in key markets, bringing a wide range of transportation and logistics solutions, expanded service locations, innovative technologies, operational efficiencies and global resources to the Canadian marketplace.”
