Ryder System announced Wednesday, Dec. 24, that it has reached an agreement to acquire substantially all the assets of the full-service truck leasing, commercial truck rental and contract maintenance businesses of Edart Leasing Co., a Northeast U.S. regional transportation services company based in Hartford, Conn. The acquisition, terms of which were not announced, is expected to be finalized in January 2009 and is subject to customary closing conditions.
“Edart Leasing is a well-known and respected family-owned transportation service provider that has been a strong competitor in the Northeast,” says Greg Swienton, chairman and chief executive officer of Miami-based Ryder. “By building on the best practices and unique qualities of each company, we can strengthen our network and product offering in the Northeast to bring more business resources and value to customers of both companies.”
Per the terms of the transaction, Ryder will acquire Edart’s fleet of about 1,450 full-service lease and 150 rental units, serving more than 340 contract customers from Edart’s nine Northeast locations in Connecticut, Massachusetts and New Jersey. Also per the terms of the transaction, Ryder will acquire about 600 vehicles that will be remarketed pursuant to specific terms of the agreement.
“Ryder has been a reputable market leader for 75 years, and we are confident in their ability to provide our customers with new resources, increased product offerings and a large network of service locations to help them grow and prosper in the competitive marketplace,” says Mark Siegal, Edart Leasing president and CEO.
“We are pleased to expand our network in this important Northeast market and have the opportunity to provide customers with new locations and services that will contribute to their future growth and success,” says Tony Tegnelia, Ryder’s president of Fleet Management Solutions. “Maintaining high-quality customer service is and will remain our highest priority throughout the transition and beyond.”
