Ryder Acquires UK-Based Euroway Group Ltd.
Acquisition Adds Approximately 1,400 Vehicles, Primarily Medium and Heavy Duty, as well as Trailers
–Broadens Commercial Customer Base in the UK
Ryder System, Inc. R -1.80% , a leader in commercial transportation and supply chain management solutions, today announced it has acquired independently owned and operated Euroway Group Ltd. based in Bedfordshire, England. Euroway is a commercial truck leasing, maintenance and fleet management provider serving primarily the southern part of the UK. The stock acquisition was completed on August 1, 2012.
“Ryder is always looking for opportunities to grow the business and expand our offering to better serve the needs of customers,” said Ryder Chairman and Chief Executive Officer Greg Swienton. “The acquisition of Euroway expands our expertise in maintenance and fleet management services in the UK, and strengthens Ryder’s commitment to serving current and future customers in this important market.”
The acquisition is expected to add approximately GBP 12.8 million (approximately $20.2 million) in annual revenue to Ryder’s Fleet Management Solutions (FMS) business segment, and be modestly accretive to comparable earnings this year. The acquisition adds approximately 1,400 vehicles, primarily medium and heavy duty, as well as trailers. The fleet includes 560 full service lease and more than 800 contract maintenance vehicles. The acquisition also encompasses the company’s workforce of 53 employees, including maintenance technicians, and three currently leased facilities in the UK.
David Hunt, Vice President and Managing Director, Fleet Management Solutions, Ryder Europe, said, “The acquisition of Euroway is a good fit with our ongoing investment and growth strategy. It is a widely respected and well run company that has grown substantially over the past 18 years through organic growth and acquisitions. The company has expertise in maintenance and fleet management services. Euroway’s solid base of contractual blue chip customers strengthens our position in a range of key markets, and at the same time, allows us to bring the benefits of Ryder’s expansive national network of locations and service offerings to Euroway’s existing customer base.”