Miami-based Ryder System, a transportation and fleet management solutions company, recently entered into an agreement to acquire Florida-based Pit Stop Fleet Service, a retail mobile commercial fleet maintenance company, for an undisclosed amount.
The transaction, subject to customary closing conditions, is expected to close this month. It will add approximately $24 million in gross revenue to Ryder’s Torque by Ryder retail mobile maintenance business next year.
“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,” Tom Havens, Ryder Fleet Management Solutions president, said.
Ryder will fully integrate Pit Stop’s employees, assets, and operations.
Ryder System provides a variety of services throughout the United States, Canada and Mexico. It also operates nearly 300 warehouses encompassing more than 100 million square feet, services fleets at 760 maintenance locations, and manages nearly 250,000 commercial vehicles.
With this purchase, Torque by Ryder will have a work force of approximately 200 technicians. Its retail mobile maintenance services will be available in 140 markets in 20 states including Arizona, Georgia, Maryland, Pennsylvania, Texas, and Virginia.
There are plans to expand into additional states by 2025.