Ryder System announced Monday, May 12, the completion of its previously announced acquisition of substantially all the assets of Gator Leasing Inc., a privately owned full-service truck leasing, commercial truck rental and fleet services company headquartered in Miami.
The acquisition, terms of which were not disclosed, is expected to add about $35 million in annualized operating revenue to Ryder’s Fleet Management Solutions business unit and be slightly accretive to earnings in 2008. Ryder anticipates additional earnings improvement in future years due to synergies and operational improvements within the combined companies.
In the transaction, Ryder acquired Gator’s fleet of about 1,475 full-service lease, 650 commercial rental and 150 held-for-sale units, serving 300 contract customers. Ryder acquired four of Gator’s nine Florida operating locations, two of which are in Miami, as well as Riviera Beach and Orlando. Customers previously served by Gator in the remaining five overlapping facilities will be consolidated into and served by Ryder’s nearest existing locations. The combined network will operate under the Ryder name.
“For more than three decades, Gator has been a well-regarded company with sound management, a talented work force and a reputation for serving its customers,” says Greg Swienton, chairman and chief executive officer of Miami-based Ryder. “We are fortunate, due to our strong financial position, to acquire a company of the caliber of Gator Leasing. We look forward to strengthening our network and bringing new approaches, innovation and additional service offerings to the combined Ryder organization and our customers.”