Ryder System, Inc. (NYSE: R) confirmed that it has inked an agreement with TIP Trailer Services. As per the agreement, TIP Trailer Services which is a portfolio company of I Squared Capital and one of the leading trailer leasing, rental, maintenance, and repair providers across Europe and Canada, will buy the trailer leasing and maintenance business of Ryder Ltd.
TIP will incorporate Ryder’s mobile maintenance services division’s assets and contracts into our existing UK business, adding around 3,550 additional trailers to the fleet and increasing the number of workshops in the UK to eighteen, including a site in Lichfield and two parking locations in Shepshed and Manchester. The transaction is due to be finished in June 2022.
TIP Vice President UK and Ireland Region Michael Furnival said, “Over the next few months, both firms will focus on fleet integration to ensure a smooth transition with customers and suppliers.” “Mobile technicians make up a large component of Ryder Ltd.’s mobile maintenance services personnel base, which will be a terrific addition to TIP’s maintenance and repair operation. We are thrilled to welcome Ryder UK’s mobile maintenance services team to the TIP family.”
Furthermore, Ryder Ltd stated that TIP has proven to be an excellent partner in ensuring the future success of its mobile repair services division. The acquisition will assure the survival of the firm, minimal disturbance to customers or business partners, and job security for 133 Ryder UK workers.
The acquisition of Ryder Ltd.’s trailer leasing and servicing company is another significant step forward in TIP’s development. It expands its coverage throughout the United Kingdom and Ireland, allowing it to improve its service offering and infrastructure in places where it now has gaps. It will grow and diversify its customer base in the UK, as well as increase its service offering to customers.