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Provider of Commercial Truck Leasing and Maintenance
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Acquisition Adds Approximately 1,400 Vehicles, Primarily Medium and
Heavy Duty, as well as Trailers
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Broadens Commercial Customer Base in the UK
MIAMI--(BUSINESS WIRE)--
Ryder System, Inc. (NYSE:R), a leader in commercial transportation and
supply chain management solutions, today announced it has acquired
independently owned and operated Euroway Group Ltd. 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.
“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.”
The acquisition is expected to add approximately £12.8 million
(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.
David Hunt
, Vice President and Managing Director, Fleet Management
Solutions,
Ryder Europe
, said, “The acquisition of Euroway is a good fit
with our ongoing investment and growth strategy. It is a widely
respected and well run company that has grown substantially over the
past 18 years through organic growth and acquisitions. The company has
expertise in maintenance and fleet management services. Euroway’s solid
base of contractual blue chip customers strengthens our position in a
range of key markets, and at the same time, allows us to bring the
benefits of Ryder’s expansive national network of locations and service
offerings to Euroway’s existing customer base.”
About Euroway Group Ltd.
Headquartered in Bedfordshire, Euroway is a privately owned group of
companies supplying specialist services to the road transport industry
throughout the United Kingdom. Euroway offers a high quality service
with predetermined costs for the contract hire and leasing of commercial
vehicles, including tractor units, trucks, trailers, and vans, as well
as an innovative and market leading range of 24/7 fleet management
programs under the FleetSure banner. Over the years, Euroway has grown
appreciably through organic growth and acquisition and its current fleet
of commercial vehicles and trailers now totals more than 1,400.
About
Ryder Europe
Ryder’s European business was established in 1971 and has grown through
acquisition and organic development into a sizeable force in
transportation with a fleet of more than 25,300 trucks and trailers. Its
European business focuses on commercial vehicle rental and contract
hire, maintenance and dedicated delivery solutions operating from 29
locations.
Ryder Europe
is part of Ryder System, Inc., a Fortune
500 company providing leading-edge transportation, logistics and supply
chain management solutions worldwide.
About Ryder
Ryder is a Fortune 500 company providing leading-edge
transportation, logistics and supply chain management solutions
worldwide. Ryder’s stock (NYSE:R) is a component of the Dow Jones
Transportation Average and the Standard & Poor’s 500 Index. For more
information about Ryder System, Inc., visit www.ryder.com.
Note Regarding Forward-Looking Statements: Certain statements
and information included in this news release are
"forward-looking statements" within the meaning of the Federal Private
Securities Litigation Reform Act of 1995 including but not limited to
statements concerning the expected benefits of the acquisition and its
anticipated impact on our business, operations, service offerings,
future revenue and 2012 earnings. These forward-looking
statements are based on our current plans and expectations and are
subject to risks, uncertainties and assumptions. Accordingly,
these forward-looking statements should be evaluated with consideration
given to the many risks and uncertainties that could cause actual
results and events to differ materially from those in the
forward-looking statements, including our ability to integrate the
acquisition as projected, achieve planned synergies and retain customer
levels, as well as those risks set forth in our periodic filings with
the Securities and Exchange Commission. New risks emerge from
time to time. It is not possible for management to predict all
such risk factors or to assess the impact of such risks on our business.
Accordingly, we undertake no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information,
future events, or otherwise.
Source: Ryder System, Inc.