Penske Agrees to Acquire Bright Truck Leasing & Bright Distribution
READING, Pa.,Jan. 7, 2010 Penske Truck Leasing Co., L.P., today announced it has entered into an agreement with the Bright family to acquire Bright Truck Leasing & Bright Distribution, providers of full-service truck leasing, truck rental, maintenance, and logistics operations. Financial terms were not disclosed.
"Bright and Penske customers will benefit from synergies in our products and services available through our combined network of facilities across North America," said Brian Hard, President and CEO, Penske Truck Leasing. "We have a strong commitment to customer service and we will continue providing the high-quality service Bright's customers have come to expect. This move is consistent with our efforts to grow our business organically and via strategic acquisitions."
Headquartered near Dallas, Texas, Bright Truck Leasing & Bright Distribution serve approximately 2,400 customers at 19 locations throughout Texas. Bright's products and services align well with Penske's services and include full-service truck leasing, truck rental, contract maintenance and dedicated contract carriage services.
The acquisition will add approximately 3,400 tractors, trucks and trailers to Penske's fleet. The transaction is subject to customary closing conditions and the parties anticipate closing by late February.
Penske Truck Leasing Co., L.P., headquartered in Reading, Pa., is a joint venture among Penske Corporation, Penske Automotive Group and General Electric. A leading global transportation services provider, Penske operates more than 200,000 vehicles and serves customers from more than 1,000 locations in North America, South America, Europe and Asia. Product lines include full-service truck leasing, contract maintenance, commercial and consumer truck rentals, transportation and warehousing management, and supply chain management solutions. Visit www.GoPenske.com to learn more about the company and its products and services.