Expands Ryder’s retail mobile maintenance
business, Torque by Ryder™, into 140 cities in 20 states
Ryder System, Inc. (NYSE: R), a leader in supply chain,
dedicated transportation, and fleet management solutions, has
entered into a definitive agreement to acquire Pit Stop Fleet
Service (“Pit Stop”), enabling the expansion and further
strengthening of Ryder’s Torque by Ryder™ retail mobile maintenance
business offering, which will accelerate growth of this product
solution. Based in Venice, Fla., Pit Stop offers retail mobile
commercial fleet maintenance, including battery, tire and
transmission repairs, preventative maintenance, and breakdown
assistance.
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Ryder to acquire Pit Stop Fleet Service,
enabling the expansion and further strengthening of Ryder’s Torque
by Ryder™ retail mobile maintenance business offering, which will
accelerate growth of this product solution. (Photo: Business
Wire)
The transaction, which Ryder expects to complete by August 1,
subject to customary closing conditions, is expected to add
approximately $24 million in gross revenue to Ryder’s Torque by
Ryder™ business in 2025 and provide incremental growth to Ryder’s
earnings. Financial terms of the deal are not disclosed.
Ryder expects the transaction to create synergies and to benefit
both Ryder and Pit Stop customers. To ensure a seamless experience
for customers, Ryder will fully integrate Pit Stop employees,
assets, and operations. Ron and Connie Perry, who co-founded Pit
Stop in 1997, will help support the integration into Ryder.
“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,” says Tom Havens, president
of Fleet Management Solutions at Ryder.
With this latest Ryder acquisition, Ryder’s retail mobile
maintenance services will be available in 140 markets in 20 states:
Alabama, Arkansas, Arizona, Florida, Georgia, Indiana, Kentucky,
Louisiana, Maryland, Mississippi, New Jersey, Nevada, New Mexico,
North Carolina, Oklahoma, Pennsylvania, South Carolina, Tennessee,
Texas, and Virginia; with plans to further expand into additional
states later this year.
“We chose Ryder to continue the legacy that we have built over
the past couple of decades because of their company culture and
operating alignment to always do right by the customer,” says Pit
Stop Vice President John Croke. “In thinking about the future, I
wanted to make sure our employees are in a company that will give
them ample opportunities to grow, and our customers are in the best
possible hands. I believe Ryder is the ideal home for both,” adds
Ron Perry.
Since its launch in the summer of 2023 and with this
acquisition, Torque by Ryder™ will have a workforce of about 200
technicians, delivering comprehensive support to customers. This
includes a wide range of vehicles serviced, including commercial trucks, trailers, delivery
vans, refrigerated vehicles, construction and utility vehicles,
passenger and shuttle buses, and emergency response vehicles.
For more information about Torque by Ryder™, visit
torquebyryder.com or call 833-9-TORQUE (986-7783).
About Ryder System, Inc.
Ryder System, Inc. (NYSE: R) is a fully integrated port-to-door
logistics and transportation company. It provides supply chain,
dedicated transportation, and fleet management solutions, including
warehousing and distribution, contract manufacturing and packaging,
e-commerce fulfillment, last-mile delivery, managed transportation,
professional drivers, freight brokerage, nearshoring solutions,
full-service leasing, maintenance, commercial truck rental, and
used vehicle sales to some of the world’s most-recognized brands.
Ryder provides services throughout the United States, Mexico, and
Canada. In addition, Ryder manages nearly 250,000 commercial
vehicles, services fleets at 760 maintenance locations, and
operates nearly 300 warehouses encompassing more than 100 million
square feet. Ryder is regularly recognized for its industry-leading
practices; technology-driven innovations; corporate responsibility;
environmental management; safety, health and security programs;
military veteran recruitment initiatives; and the hiring of a
diverse workforce. www.ryder.com
Note Regarding Forward-Looking Statements: Certain statements
and information included in this news release are “forward-looking
statements” within meaning the Federal Private Securities
Litigation Reform Act of 1995. These forward-looking statements,
including our expectations with respect to Torque by Ryder™, the
Pit Stop acquisition and integration, and any impacts of the
acquisition on revenue, earnings, and operations, are based on our
current plans and expectations and are subject to risks,
uncertainties, and assumptions. Accordingly, these forward-looking
statements should be evaluated with consideration given to the many
risks and uncertainties that could cause actual results and events
to differ materially from those in the forward-looking statements
including those risks set forth in our periodic filings with the
Securities and Exchange Commission. New risks emerge from time to
time. It is not possible for management to predict all such risk
factors or to assess the impact of such risks on our business.
Accordingly, we undertake no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events, or otherwise.
Ryder-fms
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version on businesswire.com: https://www.businesswire.com/news/home/20240715635600/en/
Jonathan Mayor, Jonathan_C_Mayor@ryder.com Amy Federman,
afederman@ryder.com
Ryder System (NYSE:R)
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