Penske Truck Leasing is entering into an agreement to acquire Richmond, Virginia-based Old Dominion Truck Leasing. Financial terms were not disclosed.
“Old Dominion Truck Leasing and Penske Truck Leasing customers will benefit from synergies in our products, technology, and services available across our combined network of facilities,” noted Brian Hard, president and CEO of Penske Truck Leasing, in a statement. “We share a strong commitment to service and will continue to enhance the high-quality service their customers have come to expect.”
Old Dominion Truck Leasing serves approximately 360 customers in diverse industry sectors from 11 locations in five states and Hard said its products and services align well with Penske’s existing service offerings that includes full-service truck leasing, truck rental, contract fleet maintenance, and dedicated contract carriage.
The acquisition adds approximately 1,400 tractors, trucks and trailers to Penske’s fleet. The transaction, subject to customary closing conditions, should be finalized in July.