Ryder completes BIT acquisition
Ryder System has completed the acquisition of BIT Leasing, a privately owned truck leasing and fleet services company based in Hayward, Calif.
The acquisition was completed in two phases; the first phase completed in August 2010 and the final phase completed in March.
The acquisition is expected to add about $9 million in annualized operating revenue to Ryder's Fleet Management Solutions business segment and be accretive to earnings in 2011, the company said.
Ryder acquired BIT's fleet of about 364 full service lease, 121 rental, and 72 contract maintenance units serving 131 contract customers from BIT's service locations in Rohnert Park, Hayward, San Jose, and Watsonville.
Ryder began operation at BIT's former Rohnert Park location in December. Customers who were being serviced from BIT's former locations in Hayward, San Jose, and Watsonville will now be served by one of Ryder's six locations in the Bay area. BIT's existing dealership business will continue to operate as Bayshore International Trucks, Ryder said.