William B. Cassidy | Jun 08, 2011 1:18PM EDT
Ryder System expanded its truck leasing operations in the United Kingdom by acquiring British heavy truck leasing firm Hill Hire for approximately $252 million.
The acquisition brings Ryder about 4,000 heavy vehicles, split evenly between full service leases and commercial rental, as well as a large U.K. trailer fleet.
It’s the latest and largest acquisition by the $5.1 billion industrial vehicle leasing and supply chain management firm, and Ryder’s first overseas purchase this year.
In January, Ryder acquired Total Logistics Control, a Midwestern logistics provider, for approximately $200 million, extending its reach in several U.S. markets.
Acquiring Hill Hire from Lloyds Banking Group gives Ryder a boost in Britain.
“Hill Hire’s heavy-duty vehicle fleet, which comprises 60 percent tractors, complements our existing fleet,” said David Hunt, vice president and managing director of fleet management solutions for Ryder Europe.
Ryder’s U.K. fleet is mainly comprised of light- and medium-duty trucks, Hunt said. “Combined we will be able to provide expanded fleet choices” for customers.
Over the last two years, Ryder has invested $72 million in its U.K. rental fleet. Ryder Europe operates 41 facilities in the United Kingdom and Germany.
Hill Hire, founded in Bradford, England, in 1990, has 13 sales and service facilities throughout the U.K.
-- Contact William B. Cassidy at wcassidy@joc.com. Follow him on Twitter @wbcassidy_joc.
