Ryder System acquired Efficiency Enterprises, a regional provider of fleet management, maintenance and leasing solutions for trucks, trailers and leasing solutions for trucks, trailers and material handling equipment.
"With Efficiency Enterprises' experienced workforce, established customer relationships, and strong maintenance and rental operations, we are expanding our ability to support fleets operating in high-demand logistics markets," says Tom Havens, president of fleet management solutions for Ryder. "We are pleased to welcome a talented team whose commitment to customers aligns with Ryder's values and service standards."
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The deal adds six new locations in Florida, New York, Maryland and Delaware to Ryder's fleet services network. It also adds 50 technicians and a fleet of 1,200 units to Ryder operations. Efficiency Enterprises has more than 900 power and trailer units and more than 200 material handling equipment units.
The transaction closed Nov. 1. It is expected to add $50 million in gross revenue and provide incremental growth to Ryder's earnings. Financial terms of the deal are not disclosed.
"For nearly 50 years, our family and associates have built Efficiency Enterprises on a commitment to our customers, our employees and operational excellence," says Richard Barbato Jr., president of Efficiency Enterprises. "We're proud of the business we have built and the trusted relationships that have sustained it. Ryder shares the values that have guided our company, and we are confident it is the right home for our employees and customers as we begin this next chapter together."
Efficiency Enterprises was founded in 1978 in Astoria, N.Y., by the Merinoff and Drucker families.
