Penske acquires Kris-Way Truck Leasing Inc.

An agreement for Penske Truck Leasing to acquire Kris-Way Truck Leasing Inc. was announced in a March 30 news release.

Through this acquisition, the company will absorb approximately 150 associates and more than 900 vehicles from seven Kris-Way locations in Maine and New Hampshire.

Financial terms of the agreement were not disclosed in the news release.

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

“Kris-Way has earned a stellar reputation in the marketplace,” Art Vallely, president of Penske Truck Leasing, said in a statement. “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.”

The transaction is subject to customary closing conditions, but is expected to close in the second quarter of 2023, said the news release.

“We are excited to join Penske,” Tom Keefer, Kris-Way president, said in the news release. “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.”

Reading, Pa.-based Penske Truck Leasing operates and maintains more than 416,000 vehicles, 919 maintenance facilities, and more than 2,500 rental locations across North America. Full-service leasing, fleet maintenance, truck rentals, used trucks and a comprehensive array of technologies are among the services provided by Penske Transportation Solutions, according to the news release. LL

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