Penske Truck Leasing expands network, acquires New England truck leasing business

Reading-based Penske Truck Leasing announced Thursday it has reached an agreement to acquire Kris-Way Truck Leasing Inc.

Financial terms were not disclosed.

Founded in 1978, Kris-Way is a transportation services company offering full-service leasing, commercial truck rental, contract maintenance and dedicated contract carriage.

Penske will absorb Kris-Way’s approximately 150 associates and over 900 vehicles from seven locations throughout Maine and New Hampshire.

The transaction – anticipated to close in the second quarter of this year – is subject to regulatory approvals and other customary closing conditions.

“Kris-Way has earned a stellar reputation in the marketplace,” Art Vallely, president of Penske Truck Leasing, said in a release. “Penske and Kris-Way customers will benefit from the combined services both companies have to offer across our growing network. We look forward to working closely with Kris-Way customers and associates to integrate the business into the Penske brand.”

“We are excited to join Penske,” added Kris-Way President Tom Keefer. “We believe as part of Penske, Kris-Way is well-positioned to support our customers’ needs into the future. By expanding our network, our associates will have new opportunities for growth and development.”

Penske Truck Leasing is a Penske Transportation Solutions company that operates and maintains more than 416,000 vehicles and serves customers from more than 919 maintenance facilities and more than 2,500 rental locations across North America.

Paula Wolf is a freelance writer