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Ryder System (NYSE:R) announced on Monday that it struck a deal to acquire Pit Stop Fleet Service for an undisclosed amount.
Pit Stop was described as a company that offers retail mobile commercial fleet maintenance, including battery, tire and transmission repairs, preventative maintenance, and breakdown assistance.
The deal is anticipated to enable the expansion and further strengthening of Ryder’s (R) Torque by Ryder retail mobile maintenance business offering, which will accelerate the growth of the product solution.
The transaction is subject to customary closing conditions. The deal is expected to add approximately $24 million in gross revenue to Ryder’s (R) Torque by Ryder business in 2025 and provide incremental growth to Ryder’s (R) earnings. Ryder (R) also expects the transaction to create synergies and benefit both Ryder and Pit Stop customers.
“With our complementary retail mobile maintenance fleet services across diverse industries and markets, we now have even greater economies of scale and offer unparalleled flexibility for fleets requiring swift maintenance services,” stated Tom Havens, president of Fleet Management Solutions at Ryder.
With this latest Ryder (R) acquisition, the company’s retail mobile maintenance services will be available in 140 markets in 20 states.