Ryder System announced it has acquired Bradford, England-based Hill Hire, an independently run and wholly owned subsidiary of Lloyds Banking Group. Hill Hire is a provider of commercial truck leasing, rental and maintenance. The stock acquisition was completed on June 8, 2011 at a cash price of approximately US$252 million.

The acquisition is expected to add approximately US$147 million in annual revenue to Ryder’s Global Fleet Management Solutions business segment and be accretive to Ryder’s earnings in 2011.

Once the transition and consolidation process has been fully completed, the combined Ryder and Hill Hire business will operate under the Ryder name. The acquisition adds approximately 4,000 heavy-duty vehicles, split evenly between full-service lease and commercial rental; ancillary equipment including a large trailer fleet for contractual lease and rental; and the company’s workforce of 300 employees including maintenance technicians. The acquisition also encompasses all of Hill Hire’s 13 vehicle maintenance facilities located throughout the UK.

“As we celebrate our 40th year of operating in the UK, this significant acquisition underscores Ryder’s commitment to serving current and future customers in this important market with a broader range of vehicles and expanded maintenance capabilities and infrastructure,” said Ryder chairman and chief executive officer Greg Swienton.