Ryder System announced Wednesday, Dec. 19, that it has reached agreement to acquire substantially all the assets of the full-service truck leasing, commercial truck rental and contract truck maintenance businesses of Lily Transportation Corp., a Northeast U.S. regional transportation services company based in Needham, Mass.
Per the terms of the transaction, terms of which were not disclosed, Ryder will acquire Lily’s truck fleet, including about 1,560 full-service lease units and more than 240 contract customers served by Lily from its 15 locations in Massachusetts, New Jersey, Maine, Pennsylvania, New Hampshire and Rhode Island.
“Lily is a well-known and respected family-owned transportation provider in the Northeast recognized for their strong customer relationships and high levels of personalized service,” says Greg Swienton, chairman and chief executive officer of Miami-based Ryder. “Because of our shared values, this acquisition allows us to build on our strong customer foundation and expand our service network to further our value to customers of both companies.”
The acquisition is expected to be finalized in January 2008 and is subject to customary closing conditions. Lily Dedicated Logistics Systems, including its dedicated contract carriage operations, will continue to be owned and operated by Lily.
“Ryder has always been a high-quality competitor for us in the Northeast, and we chose to sell to them because of our shared values and strong commitment to serving the needs of customers,” says John Simourian II, Lily president and chief operating officer. “We are confident that the combined resources will further strengthen the quality of service and product offerings to customers.”