TNI || New Delhi || 6th Dec 2021
Penske Truck Leasing has agreed to acquire the assets of DeCarolis Truck Rental Inc., which is based out of Rochester, N.Y. The terms related to finance haven’t been disclosed yet.
Art Vallely, the President at Penske Truck Leasing, said that DeCarolis is a well-respected Truck Rental service in the region and that they are excited about them joining.
Vallely added that their company looks forward to working closely with DeCarolis customers and their associates to integrate the business into their brand.
All said and done, the transaction is subject to the customary closing condition, which includes certain regulatory requirements as well.
The deal is expected to close on 17th December. Michael Margarone, who is the President and CEO of DeCarolis Truck Rental, says that they are excited to join Penske and the combination of both the companies will enhance the technology and service capabilities resulting in customer benefit.
DeCarolis is a family-owned company which is based in Rochester, N.Y. They have been in the business of providing truck leasing, maintenance, repair, and rental, to freight hauling, food processing, and distribution industries.
They currently run a fleet of almost 2350 units, have around 175 employees working for them, and serve ten locations.