Ryder System completed the acquisition of the lease, rental and maintenance portfolio of B.I.T. Leasing, a privately owned, 58-year-old full-service truck leasing and fleet services company headquartered in Hayward, Calif.

The acquisition was completed in two phases: the first phase completed in August 2010 and the final phase completed in March 2011.

Ryder acquired BIT's fleet of approximately 364 full-service lease, 121 rental, and 72 contract maintenance units serving 131 contract customers from BIT's service locations in Rohnert Park, Hayward, San Jose and Watsonville. Ryder began operation at BIT's former Rohnert Park location in December. Customers who were being serviced from BIT's former locations in Hayward, San Jose and Watsonville will now be served by one of Ryder's six existing locations in the Bay area. BIT's existing dealership business will continue to operate as Bayshore International Trucks.

The acquisition is expected to add approximately $9 million in annualized operating revenue to Ryder's Fleet Management Solutions business segment. Ryder anticipates additional earnings in future years due to synergies and operational improvement within the combined organizations.