MIAMI--()--Ryder System, Inc. (NYSE:R), 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”
“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 £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.”
About Euroway Group Ltd.
Headquartered in Bedfordshire, Euroway is a privately owned group of companies supplying specialist services to the road transport industry throughout the United Kingdom. Euroway offers a high quality service with predetermined costs for the contract hire and leasing of commercial vehicles, including tractor units, trucks, trailers, and vans, as well as an innovative and market leading range of 24/7 fleet management programs under the FleetSure banner. Over the years, Euroway has grown appreciably through organic growth and acquisition and its current fleet of commercial vehicles and trailers now totals more than 1,400.
About Ryder Europe
Ryder’s European business was established in 1971 and has grown through acquisition and organic development into a sizeable force in transportation with a fleet of more than 25,300 trucks and trailers. Its European business focuses on commercial vehicle rental and contract hire, maintenance and dedicated delivery solutions operating from 29 locations. Ryder Europe is part of Ryder System, Inc., a Fortune 500 company providing leading-edge transportation, logistics and supply chain management solutions worldwide.
Ryder is a Fortune 500 company providing leading-edge transportation, logistics and supply chain management solutions worldwide. Ryder’s stock (NYSE:R) is a component of the Dow Jones Transportation Average and the Standard & Poor’s 500 Index. For more information about Ryder System, Inc., visit www.ryder.com.
Note Regarding Forward-Looking Statements: Certain statements and information included in this news release are "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995 including but not limited to statements concerning the expected benefits of the acquisition and its anticipated impact on our business, operations, service offerings, future revenue and 2012 earnings. These forward-looking statements are based on our current plans and expectations and are subject to risks, uncertainties and assumptions. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the forward-looking statements, including our ability to integrate the acquisition as projected, achieve planned synergies and retain customer levels, as well as those risks set forth in our periodic filings with the Securities and Exchange Commission. New risks emerge from time to time. It is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.