Ryder System Closes Euroway Acquisition
Published August 6, 2012
Categories: Mergers & Acquisitions
Ryder System announced it has acquired independently owned and operated Euroway Group based in Bedfordshire, England. Euroway is a commercial truck leasing, maintenance and fleet management provider serving primarily the southern part of the UK. The stock acquisition was completed on August 1, 2012.
The acquisition is expected to add approximately $20.2 million in annual revenue to Ryder’s Fleet Management Solutions (FMS) business segment, and be modestly accretive to comparable earnings this year.
The acquisition adds approximately 1,400 vehicles, primarily medium and heavy duty, as well as trailers. The fleet includes 560 full service lease and more than 800 contract maintenance vehicles. The acquisition also encompasses the company’s workforce of 53 employees, including maintenance technicians, and three currently leased facilities in the UK.
“Ryder is always looking for opportunities to grow the business and expand our offering to better serve the needs of customers,” said Ryder chairman and chief executive officer Greg Swienton. “The acquisition of Euroway expands our expertise in maintenance and fleet management services in the UK, and strengthens Ryder’s commitment to serving current and future customers in this important market.”
Headquartered in Bedfordshire, Euroway is a privately owned group of companies supplying specialist services to the road transport industry throughout the United Kingdom.