MIAMI - Ryder System, Inc., a commercial transportation and supply chain management solutions provider, 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 provider of commercial truck leasing, rental and maintenance, with a solid base of contractual customers. The stock acquisition was completed on June 8 at a cash price of approximately £154 million (approximately $252 million).
The acquisition is expected to add approximately £90 million (approximately $147 million) in annual revenue to Ryder's Global Fleet Management Solutions (FMS) 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 vehicle maintenance facilities located throughout the UK.
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