Ryder System announced today, Sept. 3, the completion of its previously announced acquisition of substantially all the assets of the full-service truck leasing, commercial truck rental and contract maintenance businesses of Gordon Truck Leasing, based in Philadelphia. Terms were not announced.
Ryder says the acquisition is expected to add about $11 million in annualized operating revenue to its Fleet Management Solutions business unit. Ryder anticipates future earnings improvement due to synergies and operational improvements within the combined companies.
In the transaction, Ryder acquired Gordon’s fleet of about 430 full-service lease units, 45 rental units and 35 held-for-sale units, serving 130 contract customers. Ryder will continue to operate Gordon’s primary multicustomer maintenance location in Philadelphia, as well as three additional single-customer maintenance locations in Bensalem, Pa., Beverly, N.J., and Philadelphia. Customers previously served by Gordon in the remaining two overlapping facilities will be consolidated into and served by Ryder’s nearest existing locations. The combined network will operate under the Ryder name.
“This acquisition will further strengthen Ryder’s leadership position in Philadelphia, and will help contribute to the growth of our Fleet Management Solutions business,” says Greg Swienton, chairman and chief executive officer of Miami-based Ryder. “We look forward to welcoming Gordon’s customers to Ryder and enhancing our ability to serve new customers in this important market.”