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Penske acquires Old Dominion

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(file photo)
(file photo)

Reading-based Penske Truck Leasing has acquired a Richmond, Va.-based truck leasing firm, Old Dominion Truck leasing. Terms of the deal were not disclosed.

The acquisition adds about 1,400 tractors, trucks and trailers to Penske’s fleet.

Old Dominion serves around 360 customers from 11 locations in five states. It has just under 200 employees.

“Old Dominion Truck Leasing and Penske Truck Leasing customers will benefit from synergies in our products, technology and services available across our combined network of facilities,” said Brian Hard, president and CEO of Penske Truck Leasing in a statement announcing the deal.

Both companies offer full-service truck leasing, truck rental, contract fleet maintenance and dedicated contract carriage.

The transaction is subject to customary closing conditions with closing expected in July.

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Stacy Wescoe

Stacy Wescoe

Writer and online editor Stacy Wescoe has her finger on the pulse of the business community in the Greater Lehigh Valley and keeps you up-to-date with technology and trends, plus what coworkers and competitors are talking about around the water cooler — and on social media. She can be reached at stacyw@lvb.com or 610-807-9619, ext. 4104. Follow her on Twitter at @morestacy and on Facebook. Circle Stacy Wescoe on .

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