Penske Truck Leasing has announced an agreement to acquire Star Truck Rentals Inc., a transportation service company founded more than 150 years ago.
“Star Truck Rentals has impressive scale in the region, an excellent reputation in the industry and a commitment to exceptional customer service,” Art Vallely, president of Penske Truck Leasing, said in a statement. “We look forward to integrating Star into the Penske brand and leveraging the best both companies have to offer to serve new and existing customers in the region.”
Star Truck Rentals offers full-service leasing, commercial truck rental, contract maintenance, used truck sales and more operating over 1,900 vehicles across 18 locations in Michigan and Indiana.
Among its customer base are the food and beverage, manufacturing and consumer goods and services industries, said the news release.
“We are excited to join Penske,” Tom Bylenga, president of Star Truck Rentals, said in a statement. “Penske and Star share a similar culture and approach towards supporting customers and developing associates. Joining with Penske will offer new opportunities for growth across an expanded network.”
Financial terms of the agreement, which is subject to customary closing conditions, were not disclosed.
Involved parties expect the transaction to close in the second quarter of 2023, according to the Penske news release.
Penske Truck Leasing is headquartered in Redding, Pa., operating and maintaining more than 418,000 vehicles, 2,500 rental locations and 930 maintenance facilities throughout North America.
Grand Rapids, Mich.-based Star Truck Rentals operates in Michigan and northern Indiana.
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