Auto delivery companies team up

Auto delivery companies team up    Auto hauler Performance Logistics Group has agreed to acquire Leaseway Auto Carrier Group from Penske Truck Leasing Co. Both companies said Penske will sell all of its stock in LAC Holding Corp. in exchange for a “significant” minority interest in Wayne, Mich.-based Performance Logistics.
   The combined company would generate about $350 million in annual revenue, second only to Allied Automotive Group as North America’s largest motor carrier specializing in the delivery of new automobiles and light trucks, the companies said.
   Performance Logistics is the parent of Performance Transportation Services Inc., whose operating companies are E & L Transport Co., Hadley Auto Transport and Transportation Releasing.
   Penske Truck Leasing, Reading, Pa., is a joint venture of logistics services provider Penske Corp. and General Electric.
   The transaction is expected to close within 45 days.