Ryder agrees to acquire Edart Leasing
Feb 1, 2009 12:00 PM
Ryder System Inc. 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 CT. The acquisition is expected to be finalized in January 2009 and is subject to customary closing conditions.
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 as part of the transaction, Ryder will acquire approximately 600 vehicles that will be remarketed pursuant to specific terms of the agreement.
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