Ryder Agrees To Acquire Edart Leasing In Northeast U.S.
Ryder System, Inc., a recognized leader in transportation and supply chain management solutions, recently announced 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 Company LLC, a Northeast U.S. regional transportation services company based in Hartford, Connecticut. The acquisition 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," said Ryder Chairman and Chief Executive Officer Greg Swienton. "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 approximately 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 approximately 600 vehicles that will be re-marketed 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," said Mark Siegal, President and CEO of Edart Leasing Company.
"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," said Ryder's President of Fleet Management Solutions Tony Tegnelia. "Maintaining high quality customer service is and will remain our highest priority throughout the transition and beyond."
About Edart Leasing Company LLC
Founded in 1934, Edart Leasing, based in Hartford, Connecticut, is one of the largest independent truck rental and leasing companies in the U.S. still owned and operated by the same family that founded the company more than seven decades ago. For more information, visit www.Edarttruck.com
About Ryder
Ryder provides leading-edge transportation, logistics and supply chain management solutions worldwide. Ryder's stock is a component of the Dow Jones Transportation Average and the Standard & Poor's 500 Index. Ryder ranks 371st on the FORTUNE 500® and 1,631st on the Forbes Global 2000. For more information on Ryder System, Inc., visit www.ryder.com.
SOURCE: Ryder System, Inc.