Ryder Buys Mobile Maintenance Firm Pit Stop Fleet Service
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Ryder System Inc. is set to buy Pit Stop Fleet Service for an undisclosed sum, it said July 15. The deal is expected to close by Aug. 1.
The deal is to expand Ryder’s mobile maintenance business, building upon the foundations laid with the launch of Torque by Ryder in July 2023.
Venice, Fla.-based Pit Stop offers retail mobile commercial fleet maintenance, including battery, tire and transmission repairs, preventive maintenance and breakdown assistance.
More than 70 Pit Stop service technicians will join Ryder’s mobile maintenance operations. Torque by Ryder already had more than 100 technicians.
Torque by Ryder was available in 50 markets before the acquisition. Through the deal, Torque by Ryder will add another 90 markets to its network, Miami-based Ryder said.
We're excited to announce that Ryder is acquiring Pit Stop Fleet Service, which will significantly expand and strengthen our Torque by Ryder retail mobile maintenance business. #TorqueByRyder #EraofUptime #PoweringMaintenance https://t.co/nTKkwixHgD — Ryder (@RyderSystemInc) July 15, 2024
Maintenance services across the 140 markets will be available in 20 states: Alabama, Arkansas, Arizona, Florida, Georgia, Indiana, Kentucky, Louisiana, Maryland, Mississippi, New Jersey, Nevada, New Mexico, North Carolina, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas and Virginia.
Ryder said there are plans in place to expand into additional states later in 2024.
“With our complementary retail mobile maintenance fleet services across diverse industries and markets, we now have even greater economies of scale and offer unparalleled flexibility for fleets requiring swift maintenance services,” said Tom Havens, president of Ryder’s fleet management solutions division.
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All Pit Stop employees, assets and operations will be part of the Torque by Ryder unit within the company’s FMS division.
Ron and Connie Perry, who co-founded Pit Stop in 1997, will help support the integration into Ryder. “In thinking about the future, I wanted to make sure our employees are in a company that will give them ample opportunities to grow, and our customers are in the best possible hands. I believe Ryder is the ideal home for both,” said Ron Perry.
Ryder ranks No. 6 on the Transport Topics Top 100 list of the largest for-hire carriers in North America, with its Ryder Dedicated Transportation Solutions division ranking No. 5 among truckload/dedicated carriers. Ryder Supply Chain Solutions ranks No. 8 on the TT Logistics Top 100 and No. 3 among dry storage warehousing firms.
Ryder has been looking to expand outside its best known leasing and rental businesses, which have seen a number of weaker quarters as a result of the ongoing freight downturn. In February, the company acquired Cardinal Logistics while also seeking to serve more cross-border clients.
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