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Home » Ryder buys British truck leasing and rental company
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Ryder buys British truck leasing and rental company

June 9, 2011
Mark B. Solomon
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Ryder System Inc. said it has acquired British truck leasing, rental, and maintenance firm Hill Hire plc for $252 million in cash.

The acquisition of Hill, which had been a wholly owned subsidiary of Lloyds Banking Group, will add about 4,000 heavy-duty vehicles to Miami-based Ryder's fleet, Ryder said. Of that, 2,000 will be used for full-service leasing operations and the remainder for rentals, Ryder said.

The acquisition is expected to add approximately $147 million in annual revenue to Ryder's Global Fleet Management Solutions (FMS) business segment and be accretive to Ryder's earnings in 2011, Ryder said. Once the transition and consolidation process is completed, the combined Ryder and Hill Hire business will operate under the Ryder name.

"The acquisition accelerates our growth strategy by expanding our fleet offering in the heavy-duty vehicle contract hire (full-service lease) and rental market, as well as our customer base in a sector that we have targeted for expansion," David Hunt, vice president and managing director, fleet management solutions, Ryder Europe, said in a statement.

Hunt said Hill Hire's heavy-duty vehicle fleet, which is 60 percent tractors, will complement Ryder's fleet of mostly light- and medium-duty trucks.

Transportation Trucking Vehicle & Trailer Equipment & Services
KEYWORDS Ryder
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Marksolomon
Mark Solomon joined DC VELOCITY as senior editor in August 2008, and was promoted to his current position on January 1, 2015. He has spent more than 30 years in the transportation, logistics and supply chain management fields as a journalist and public relations professional. From 1989 to 1994, he worked in Washington as a reporter for the Journal of Commerce, covering the aviation and trucking industries, the Department of Transportation, Congress and the U.S. Supreme Court. Prior to that, he worked for Traffic World for seven years in a similar role. From 1994 to 2008, Mr. Solomon ran Media-Based Solutions, a public relations firm based in Atlanta. He graduated in 1978 with a B.A. in journalism from The American University in Washington, D.C.

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