Penske Truck Leasing to Acquire New York Truck Rental Company – Reading Eagle
Green Hills-based Penske Truck Leasing announced last week that it has entered into an agreement to acquire the assets of Rochester, NY-based DeCarolis Truck Rental Inc. Financial terms were not disclosed.
“DeCarolis Truck Rental is a well-respected name in the region and we are thrilled with the opportunity to join our businesses,” said Art Vallely, president of Penske Truck Leasing, in a statement. “We look forward to working closely with DeCarolis customers and associates to integrate the company into the Penske brand. “
This transaction is subject to customary closing conditions, including certain regulatory approvals. The parties involved plan to close the transaction on December 17.
“We are very excited to join the Penske organization,” said Michael Margarone, President and CEO, DeCarolis Truck Rental. “The combination of the two companies will elevate our technology and service capabilities and ultimately benefit our customers. We look forward to this new journey together.
Founded over 80 years ago, DeCarolis Truck Rental is a family business. It provides truck leasing, rental, maintenance and repair services to the food processing and distribution, consumer distribution and freight transportation industries. The company employs approximately 175 people, maintains a fleet of approximately 2,350 units and serves customers from 10 locations.