Ryder to Acquire Pit Stop Fleet Service

By: Ryder System, Inc. via Business Wire

July 15, 2024 at 06:55 AM EDT

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.

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