Consolidation within the truck and trailer leasing industry continues to increase, as GE Fleet Services acquired Wells Fargo Fleet Services. Terms of the sale were not disclosed, but Eden Prairie, MN-based GE Fleet said it expects to complete the deal by the end of this month.
Minneapolis-based Wells Fargo Fleet Services represents approximately $65.5 million in assets and has more than 5500 commercial vehicles under lease and service management.
"This purchase reflects our on-going interest in looking at acquisition opportunities in our markets as part of our growth strategy," said GE Fleet vp Rich Chenitz.
Peter Vroom, president & CEO of the Truck Renting and Leasing Assn., said merger and acquisition activity has increased in the truck and trailer leasing market over the last five years and should continue in the future.
"We've seen UPS Leasing purchased by Rollins Leasing, then Rollins purchased by Penske, just to name a few in the last couple of years," Vroom told Fleet Owner. "What that tells you is that there is still some serious consolidation in this industry."