Reading-based Penske Truck Leasing has acquired a Richmond, Va.-based truck leasing firm, Old Dominion Truck leasing. Terms of the deal were not disclosed.
The acquisition adds about 1,400 tractors, trucks and trailers to Penske’s fleet.
Old Dominion serves around 360 customers from 11 locations in five states. It has just under 200 employees.
“Old Dominion Truck Leasing and Penske Truck Leasing customers will benefit from synergies in our products, technology and services available across our combined network of facilities,” said Brian Hard, president and CEO of Penske Truck Leasing in a statement announcing the deal.
Both companies offer full-service truck leasing, truck rental, contract fleet maintenance and dedicated contract carriage.
The transaction is subject to customary closing conditions with closing expected in July.
