Penske to Acquire Kris-Way Truck Leasing, Inc.

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Mar 30, 2023, 09:05 ET

READING, Pa., March 30, 2023 /PRNewswire/ -- 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.

Penske Truck Leasing is a Penske Transportation Solutions company headquartered in Reading, Pennsylvania. A leading provider of innovative transportation solutions, Penske operates and maintains more than 416,000 vehicles and serves its customers from more than 919 maintenance facilities and more than 2,500 rental locations across North America. Solutions from Penske include full-service truck leasing, fleet maintenance, truck rentals, used trucks, and a comprehensive array of technologies to keep the world moving forward. Visit PenskeTruckLeasing.com to learn more.

SOURCE Penske Truck Leasing