Penske Truck Leasing today announced it has recently completed the acquisitions of Star Truck Rentals, Inc., a transportation services company offering full-service leasing, commercial truck rental, contract maintenance, used truck sales and additional services and Kris-Way Truck Leasing, Inc., a transportation services company offering full-service leasing, commercial truck rental, contract maintenance and dedicated contract carriage.
The acquisition of Star Truck Rentals, Inc. increases Penske’s existing fleet by approximately 1,900 vehicles and adds 18 locations throughout Michigan and Indiana. The acquisition of Kris-Way Truck Leasing, Inc. increases Penske’s existing fleet by approximately 900 vehicles and adds seven locations throughout Maine and New Hampshire. Penske is now integrating the facilities, staff, vehicles and processes of both companies into its existing network
Penske Truck Leasing reached an agreement to acquire Star Truck Rentals, Inc., a transportation services company offering full-service leasing, commercial truck rental, contract maintenance, used truck sales and additional services. Financial terms were not disclosed.
Founded over 150 years ago, Star Truck Rentals operates over 1,900 vehicles from 18 locations throughout Michigan and Indiana. The company serves a diverse customer base across the food and beverage, manufacturing and consumer goods and services industries.
“Star Truck Rentals has impressive scale in the region, an excellent reputation in the industry and a commitment to exceptional customer service,” said Art Vallely, president, Penske Truck Leasing. “We look forward to integrating Star into the Penske brand and leveraging the best both companies have to offer to serve new and existing customers in the region.”
“We are excited to join Penske,” said Tom Bylenga, president, Star Truck Rentals. “Penske and Star share a similar culture and approach towards supporting customers and developing associates. Joining with Penske will offer new opportunities for growth across an expanded network.”
This transaction is subject to customary closing conditions, including certain regulatory approvals. The parties involved anticipate closing the transaction in the second quarter of 2023.
By "Move Ahead" Staff
Penske Truck Leasing announced it has reached an agreement to acquire Kris-Way Truck Leasing, Inc. Financial terms were not disclosed.
Founded in 1978, Kris-Way is a transportation services company offering full-service leasing, commercial truck rental, contract maintenance and dedicated contract carriage. Penske will absorb Kris-Way’s approximately 150 associates and over 900 vehicles from seven locations throughout Maine and New Hampshire.
“Kris-Way has earned a stellar reputation in the marketplace. Penske and Kris-Way customers will benefit from the combined services both companies have to offer across our growing network,” said Art Vallely, president, Penske Truck Leasing. “We look forward to working closely with Kris-Way customers and associates to integrate the business into the Penske brand.”
“We are excited to join Penske,” said Tom Keefer, president, Kris-Way. “We believe as part of Penske, Kris-Way is well-positioned to support our customers’ needs into the future. By expanding our network, our associates will have new opportunities for growth and development.”
This transaction is subject to customary closing conditions, including certain regulatory approvals. The parties involved anticipate closing in the second quarter of 2023.
By “Move Ahead” Staff
Penske Truck Leasing today announced it has completed the acquisition of the assets of Rochester, New York-based DeCarolis Truck Rental, Inc., a transportation company providing full-service truck leasing, rental, maintenance and repair services to a variety of customers primarily in the food processing and distribution, consumer distribution, and freight-hauling industries.
The acquisition adds approximately 2,350 tractors, trucks and trailers to Penske’s existing fleet, and adds several facilities throughout upstate New York. Penske is now integrating DeCarolis’ facilities, staff, vehicles, and processes into its existing network.
By Kim Harmsen
At this time the Penske website requires that you enable JavaScript in order to take advantage of our website features. Please enable JavaScript and retry.
For assistance with other Penske services, please use the numbers below.
Truck Rental
Used Trucks
Truck Leasing
Penske Logistics
