Ryder System, Inc.has reached an agreement to purchase the full service leasing and rental business of Carmenita Leasing, Inc., of Santa Fe Springs, Calif.
The acquisition is expected to be finalized on or around January 7, 2011 and is subject to customary closing conditions. No terms have been disclosed.

Ryder will acquire Carmenita's fleet of 189 full-service lease and rental units, along with approximately 58 contract customers, as well as the Santa Fe Springs, facility. Once the acquisition is completed, the new Ryder facility will be located at 15605 Cornet Street, Santa Fe Springs, CA. 90670.

"This acquisition strengthens our position in the Southern California market, building on our recently announced acquisition of The Scully Companies, headquartered in Fontana, California," said Ryder Chairman and Chief Executive Officer Greg Swienton. "While Ryder is temporarily closing its Santa Fe Springs, California location due to the California freeway expansion, we are pleased to be able to provide our existing customers with a convenient, nearby location. We also look forward to providing Carmenita's lease customers with access to a broader geography of Ryder locations, and new services and solutions for which Ryder is recognized in the industry."

"Ryder has been a reputable market leader for 77 years supporting more than 16,000 customers," said Bob Zapotosky, CFO, Carmenita Leasing, Inc. "As a result of this sale, Ryder will be able to provide Carmenita's customers with new resources and increased product offerings including insurance, which will help customers grow in the competitive marketplace."

Last week, Ryder System said it will acquire all of Scully's 1,800 lease units, 300 rental units, 200 contract customers and six service facilities in California and Arizona.