Ryder Acquires UK-Based Commercial Truck Leasing, Rental and Maintenance Provider Hill Hire

Ryder System R today announced it has acquired Bradford, England-based Hill Hire plc, an independently run and wholly owned subsidiary of Lloyds Banking Group. Hill Hire is a UK market leader in commercial truck leasing, rental and maintenance, with a solid base of contractual customers. The stock acquisition was completed on June 8, 2011 at a cash price of approximately £154 million (approximately $252 million). “As we celebrate our 40th year of operating in the UK, this significant acquisition underscores Ryder's commitment to serving current and future customers in this important market with a broader range of vehicles and expanded maintenance capabilities and infrastructure,” said Ryder Chairman and Chief Executive Officer Greg Swienton. The acquisition is expected to add approximately £90 million (approximately $147 million) in annual revenue to Ryder's Global Fleet Management Solutions business segment, and be accretive to Ryder's earnings in 2011. Once the transition and consolidation process has been fully completed, the combined Ryder and Hill Hire business will operate under the Ryder name. The acquisition adds approximately 4,000 heavy duty vehicles, split evenly between contract hire (full service lease) and commercial rental; ancillary equipment including a large trailer fleet for contractual lease and rental; and the company's workforce of 300 employees including maintenance technicians. The acquisition also encompasses all of Hill Hire's 13 well-equipped vehicle maintenance facilities located throughout the UK.