Ryder System Inc. has reached agreement to acquire substantially all the assets of the Full Service Truck Leasing, Commercial Truck Rental and Contract Truck Maintenance businesses of Lily Transportation Corp., a regional transportation
services company based in Needham, Mass.
The acquisition is expected to be finalized this month and is subject to customary closing conditions. Lily Dedicated Logistics Systems, including its Dedicated Contract Carriage operations, will continue to be owned and operated by Lily.
Per the terms of the transaction, Ryder will acquire Lily's truck fleet, including approximately 1,560 full-service lease units and more than 240 contract customers served by Lily from its 15 locations in Massachusetts, New Jersey, Maine, Pennsylvania, New Hampshire and Rhode Island.
"Lily is a well-known and respected, family-owned transportation provider in the northeast, recognized for their strong customer relationships and high levels of personalized service," said Ryder Chairman and Chief Executive Officer Greg Swienton. "Because of our shared values, this acquisition allows us to build on our strong customer foundation and expand our service network to further our value to customers of both companies."