Penske Truck Leasing has agreed to acquire Star Truck Rentals, the companies announced last week. Financial terms were not disclosed.
It’s the second M&A deal Penske expects to close in Q2, alongside the planned acquisition of Kris-Way Truck Leasing, announced March 30.
Star Truck Rentals, founded more than 150 years ago in Grand Rapids, Michigan, is a full-service leasing, rental maintenance and sales company. It operates more than 1,900 vehicles from 18 locations across Michigan and Indiana.
The company’s customer base includes companies in the food and beverage, manufacturing and consumer goods and service industries.
In a statement, Penske President Art Vallely touted Star Truck Rentals’ impressive regional scale, excellent industry reputation and commitment to exceptional customer service.
"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," Vallely said.
The deal provides Star Truck Rentals additional runway for growth as part of a larger network, company President Tom Bylenga said in a statement.
"Penske and Star share a similar culture and approach towards supporting customers and developing associates,” Bylenga said.
The deal is subject to customary closing conditions, including certain regulatory approvals, the companies said.