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 reached an agreement to acquire Star Truck Rentals, Inc., a transportation services company offering full-service leasing, commercial truck rental, contract maintenance, used truck sales and additional services. Financial terms were not disclosed.
Founded over 150 years ago, Star Truck Rentals operates over 1,900 vehicles from 18 locations throughout Michigan and Indiana. The company serves a diverse customer base across the food and beverage, manufacturing and consumer goods and services industries.
“Star Truck Rentals has impressive scale in the region, an excellent reputation in the industry and a commitment to exceptional customer service,” said Art Vallely, president, Penske Truck Leasing. “We look forward to integrating Star into the Penske brand and leveraging the best both companies have to offer to serve new and existing customers in the region.”
“We are excited to join Penske,” said Tom Bylenga, president, Star Truck Rentals. “Penske and Star share a similar culture and approach towards supporting customers and developing associates. Joining with Penske will offer new opportunities for growth across an expanded network.”
This transaction is subject to customary closing conditions, including certain regulatory approvals. The parties involved anticipate closing the transaction in the second quarter of 2023.
By "Move Ahead" Staff