Ryder System, a company in supply chain, dedicated transportation and fleet management solutions, has entered into a definitive agreement to acquire Pit Stop Fleet Service, enabling the expansion and further strengthening of Ryder’s Torque by Ryder retail mobile maintenance business offering.
The transaction, which Ryder expects to complete by Aug. 1, 2024, subject to customary closing conditions, is expected to add approximately $24 million in gross revenue to Ryder’s Torque by Ryder business in 2025 and provide incremental growth to Ryder’s earnings. Financial terms of the deal are not disclosed.
To ensure a seamless experience for customers, Ryder will fully integrate Pit Stop employees, assets and operations. Ron and Connie Perry, who co-founded Pit Stop in 1997, will help support the integration into Ryder.
“With our complementary retail mobile maintenance fleet services across diverse industries and markets, we now have even greater economies of scale and offer unparalleled flexibility for fleets requiring swift maintenance services,” Tom Havens, president of fleet management solutions at Ryder, said.
With this latest Ryder acquisition, Ryder’s retail mobile maintenance services will be available in 140 markets in 20 states: Alabama, Arkansas, Arizona, Florida, Georgia, Indiana, Kentucky, Louisiana, Maryland, Mississippi, New Jersey, Nevada, New Mexico, North Carolina, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas and Virginia; with plans to further expand into additional states later this year.
“We chose Ryder to continue the legacy that we have built over the past couple of decades because of their company culture and operating alignment to always do right by the customer,” John Croke, vice president of Pit Stop, said.
“In thinking about the future, I wanted to make sure our employees are in a company that will give them ample opportunities to grow and our customers are in the best possible hands,” Ron Perry said. “I believe Ryder is the ideal home for both.”
