Penske to Purchase Michigan-Primarily based Star Truck Leases
A Penske rental truck travels on Interstate 395 in Alexandria, Va. (Andrew Harrer/Bloomberg Information)
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Studying, Pa.-based Penske Truck Leasing plans to accumulate a transportation providers firm that operates services in Indiana and Michigan.
Penske Truck Leasing has reached an settlement to accumulate Michigan-based Star Truck Leases, a transportation providers firm that provides business truck rental, used truck gross sales and extra providers.
Star Truck Leases was based greater than 150 years in the past and operates greater than 1,900 automobiles from 18 places all through Michigan and Indiana.
“Star Truck Leases has spectacular scale within the area, a wonderful repute within the trade and a dedication to distinctive customer support,” Artwork Vallely, president of Penske Truck Leasing, mentioned in a information launch. “We look ahead to integrating Star into the Penske model and leveraging the perfect each firms have to supply to serve new and current clients within the area.”
Monetary phrases weren’t disclosed.
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“We’re excited to hitch Penske,” Tom Bylenga, president of Star Truck Leases, mentioned in a information launch. “Penske and Star share the same tradition and method in direction of supporting clients and growing associates. Becoming a member of with Penske will supply new alternatives for progress throughout an expanded community.”
The transaction is anticipated to shut within the second quarter of 2023.
Penske Truck Leasing operates and maintains greater than 418,000 automobiles at greater than 930 upkeep services and greater than 2,500 rental places throughout North America.
Penske ranks No. 15 on the Transport Matters High 100 checklist of the biggest for-hire carriers in North America and No. 21 on the High 100 checklist of the biggest logistics firms in North America.
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