Penske Truck Leasing today announced it has agreed to acquire Old Dominion Truck Leasing, based in Richmond, Va. Terms of the deal were not disclosed.
“Old Dominion Truck Leasing and Penske Truck Leasing customers will benefit from synergies in our products, technology, and services available across our combined network of facilities,” said Brian Hard, president and CEO, Penske Truck Leasing. “We share a strong commitment to service and will continue to enhance the high-quality service their customers have come to expect.”
Old Dominion Truck Leasing serves approximately 360 customers at 11 locations in five states.
According to Penske, Old Dominion Truck Leasing’s products and services align well with the company’s existing service offerings, including full-service truck leasing, truck rental, contract fleet maintenance, and dedicated contract carriage.
The deal is subject to various legal conditions, although both parties expect it to close in July. Once complete, the acquisition will add approximately 1,400 tractors, trucks, and trailers to Penske’s fleet.