Ryder System (NYSE: R) has acquired Efficiency Enterprises, a company with a business model similar to what Ryder does in its Fleet Management Systems (FMS) unit.
Ryder, in a prepared statement, described Efficiency Enterprises as “a regional provider of fleet management, maintenance, and leasing solutions for trucks, trailers, and material handling equipment.” Those services line up largely identically with what FMS–Ryder’s flagship rental and leasing operations–does now.
Efficiency Enterprises’ operations are completely on the East Coast. It has six physical locations: Orlando, Tampa and Fort Myers in Florida; Astoria, which is in the New York City borough of Queens; Baltimore; and Middletown, Delaware, “expanding Ryder’s capacity and service coverage in those markets,” a Ryder spokesman said in an email to FreightWaves.
“The strategic value of the acquisition is the combination of its experienced workforce, established customer relationships, strong leasing and maintenance operations and presence in key logistics markets,” the spokesman said.
The acquisition comes with approximately 1,200 vehicles including about 900 power units.
Revenue increase to company is small
Ryder did no...