Ryder System announced Wednesday, Aug. 6, that it has reached an agreement to acquire substantially all the assets of Gordon Truck Leasing, a full-service truck leasing, commercial truck rental and fleet services company headquartered in Philadelphia. The acquisition, terms of which were not announced, is expected to be finalized later this month and is subject to customary closing conditions.
“Gordon Truck Leasing is a high-quality and well-managed transportation service provider with a strong reputation in the metropolitan Philadelphia area,” says Greg Swienton, chairman and chief executive officer of Miami-based Ryder. “We are pleased to be able to add new customers to our existing locations, as well as provide them with the additional services and solutions for which Ryder is recognized in the industry.”
Per the terms of the transaction, Ryder will acquire Gordon’s fleet of about 430 full-service lease units, 45 rental units, 35 held-for-sale units and about 130 contract customers currently served by Gordon’s five locations in the Philadelphia market.
“Ryder has been a reputable market leader for 75 years, supporting more than 16,000 customers globally,” says Drew Gordon, president and owner of Gordon Truck Leasing. “Ryder will be able to provide Gordon’s customers with new resources, increased product offerings and a large network of service locations that will help customers grow in the competitive marketplace.”