Penske Truck Leasing today announced it has recently completed the acquisitions of Star Truck Rentals, Inc., a transportation services company offering full-service leasing, commercial truck rental, contract maintenance, used truck sales and additional services and Kris-Way Truck Leasing, Inc., a transportation services company offering full-service leasing, commercial truck rental, contract maintenance and dedicated contract carriage.
The acquisition of Star Truck Rentals, Inc. increases Penske’s existing fleet by approximately 1,900 vehicles and adds 18 locations throughout Michigan and Indiana. The acquisition of Kris-Way Truck Leasing, Inc. increases Penske’s existing fleet by approximately 900 vehicles and adds seven locations throughout Maine and New Hampshire. Penske is now integrating the facilities, staff, vehicles and processes of both companies into its existing network
Penske Truck Leasing announced it has reached an agreement to acquire Kris-Way Truck Leasing, Inc. Financial terms were not disclosed.
Founded in 1978, Kris-Way is a transportation services company offering full-service leasing, commercial truck rental, contract maintenance and dedicated contract carriage. Penske will absorb Kris-Way’s approximately 150 associates and over 900 vehicles from seven locations throughout Maine and New Hampshire.
“Kris-Way has earned a stellar reputation in the marketplace. Penske and Kris-Way customers will benefit from the combined services both companies have to offer across our growing network,” said Art Vallely, president, Penske Truck Leasing. “We look forward to working closely with Kris-Way customers and associates to integrate the business into the Penske brand.”
“We are excited to join Penske,” said Tom Keefer, president, Kris-Way. “We believe as part of Penske, Kris-Way is well-positioned to support our customers’ needs into the future. By expanding our network, our associates will have new opportunities for growth and development.”
This transaction is subject to customary closing conditions, including certain regulatory approvals. The parties involved anticipate closing in the second quarter of 2023.
By “Move Ahead” Staff