Ryder Buys U.K. Truck Leasing Company
Ryder System said Wednesday it has acquired Bradford, U.K., commercial truck lessor Hill Hire plc in a transaction valued at about $252 million.
The Miami-based truck leasing and logistics company said the all-stock deal will contribute about $147 million in annual revenue to its global fleet division and add to its earnings this year.
The acquisition includes about 4,000 heavy duty vehicles, split evenly between full-service lease and commercial rental, a large trailer fleet and 300 employees. It also includes Hill Hire’s 13 vehicle maintenance facilities throughout the United Kingdom, Ryder said.
David Hunt, vice president and managing director for fleet management at Ryder Europe, said the acquisition continues his company’s expansion of contract hire in Europe.
“Hill Hire’s heavy duty vehicle fleet, which comprises 60% tractors, complements our existing fleet, which consists primarily of light and medium duty trucks,” he said in a statement.
Ryder System is ranked No. 5 on the Transport Topics Top 100 listing of U.S. and Canadian for-hire carriers.
