Ryder System on Tuesday, April 5, announced it has completed the acquisition of the lease, rental and maintenance portfolio of B.I.T. Leasing Inc., a privately owned 58-year-old full service truck leasing and fleet services company headquartered in Hayward, Calif. The acquisition was completed in two phases; the first phase completed in August 2010 and the final phase completed in March 2011.
Ryder says the acquisition, terms of which were not announced, is expected to add about $9 million in annualized operating revenue to Ryder’s Fleet Management Solutions business segment and be accretive to earnings in 2011, with additional earnings anticipated in future years due to synergies and operational improvement within the combined organizations.
Ryder acquired BIT’s fleet of about 364 full-service lease, 121 rental and 72 contract maintenance units serving 131 contract customers from BIT’s service locations in Rohnert Park, Hayward, San Jose and Watsonville. Ryder began operation at BIT’s former Rohnert Park location in December. Customers who were being serviced from BIT’s former locations in Hayward, San Jose and Watsonville now will be served by one of Ryder’s six existing locations in the Bay area. BIT’s existing dealership business will continue to operate as Bayshore International Trucks Inc.
“BIT is a well-managed quality transportation service provider with a very solid reputation in the San Francisco Bay area,” says Greg Swienton, Ryder chairman and chief executive officer. “We are pleased to be able to welcome new quality customers to Ryder’s Fleet Management business in the western U.S. We look forward to providing them with continuing high levels of personalized service, and additional services and solutions for which Ryder is recognized in the industry.”