Penske Truck Leasing last week announced that it has reached an agreement to acquire the assets of Rochester, New York-based DeCarolis Truck Rental Inc. Financial terms of the transaction were not disclosed.
“DeCarolis Truck Rental is a well-respected name in the region, and we are excited about the opportunity to join our businesses,” said Art Vallely, president of Penske Truck Leasing. “We look forward to working closely with DeCarolis customers and associates to integrate the business into the Penske brand.”
This transaction is subject to customary closing conditions, including certain regulatory approvals. The parties involved anticipate closing the transaction on Dec. 17. The deal was announced Friday.
See also: Werner and TFI International involved in other M&As last week.
“We’re very excited about joining the Penske organization,” said Michael Margarone, president and CEO of DeCarolis. “The combination of both companies will elevate our technology and service capabilities and ultimately benefit our customers. We look forward to this new journey together.”
Founded more than 80 years ago, DeCarolis is a family owned and operated and provides truck leasing, rental, maintenance, and repair services to the food processing and distribution, consumer distribution, and freight hauling industries. DeCarolis employs about 175 people, maintains a fleet of approximately 2,350 units, and services customers from 10 locations.
Penske Truck Leasing is a Penske Transportation Solutions company headquartered in Reading, Pennsylvania. A leading global transportation services provider, Penske operates more than 350,000 vehicles and serves customers from more than 1,300 locations in North America, South America, Europe, Australia, and Asia. Product lines include full-service truck leasing, contract maintenance, commercial and consumer truck rentals, used truck sales, transportation and warehousing management and supply chain management solutions.
