Penske to Acquire Michigan-Based Star Truck Rentals
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Reading, Pa.-based Penske Truck Leasing plans to acquire a transportation services company that operates facilities in Indiana and Michigan.
Penske Truck Leasing has reached an agreement to acquire Michigan-based Star Truck Rentals, a transportation services company that offers commercial truck rental, used truck sales and additional services.
Star Truck Rentals was founded more than 150 years ago and operates more than 1,900 vehicles from 18 locations throughout Michigan and Indiana.
“Star Truck Rentals has impressive scale in the region, an excellent reputation in the industry and a commitment to exceptional customer service,” Art Vallely, president of Penske Truck Leasing, said in a news release. “We look forward to integrating Star into the Penske brand and leveraging the best both companies have to offer to serve new and existing customers in the region.”
Financial terms weren’t disclosed.
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“We are excited to join Penske,” Tom Bylenga, president of Star Truck Rentals, said in a news release. “Penske and Star share a similar culture and approach towards supporting customers and developing associates. Joining with Penske will offer new opportunities for growth across an expanded network.”
The transaction is expected to close in the second quarter of 2023.
Penske Truck Leasing operates and maintains more than 418,000 vehicles at more than 930 maintenance facilities and more than 2,500 rental locations across North America.
Penske ranks No. 15 on the Transport Topics Top 100 list of the largest for-hire carriers in North America and No. 21 on the Top 100 list of the largest logistics companies in North America.
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