Ryder System Inc. announced Monday, Dec. 20, that it has reached an agreement to acquire the full-service leasing and rental business of Carmenita Leasing Inc., located in Santa Fe Springs, Calif. The acquisition, terms of which were not released, is expected to be finalized in early January 2011 and is subject to customary closing conditions.
“This acquisition strengthens our position in the Southern California market, building on our recently announced acquisition of The Scully Companies, headquartered in Fontana, California,” says Greg Swienton, Ryder chairman and chief executive officer. “While Ryder is temporarily closing its Santa Fe Springs location due to the California freeway expansion, we are pleased to be able to provide our existing customers with a convenient, nearby location. We also look forward to providing Carmenita’s lease customers with access to a broader geography of Ryder locations, and new services and solutions for which Ryder is recognized in the industry.”
Ryder will acquire Carmenita’s truck fleet of 189 full-service lease and rental units, and about 58 contract customers, as well as its Santa Fe Springs location. “Ryder has been a reputable market leader for 77 years, supporting more than 16,000 customers,” says Bob Zapotosky, chief financial officer of Carmenita Leasing. “As a result of this sale, Ryder will be able to provide Carmenita’s customers with new resources and increased product offerings including insurance, which will help customers grow in the competitive marketplace.”