Penske Truck Leasing to Sell Leaseway Auto Carrier Group
Performance Logistics Group, Inc., (PLG) based in Wayne, Mich., announced on Feb. 19 that it will acquire 100 percent of Penske Truck Leasing's Leaseway Auto Carrier (LAC) group — a provider of finished vehicle transportation services for OEMs in the United States, Canada and Puerto Rico.
PLG is the parent of Performance Transportation Services, that, with its subsidiaries E. and L. Transport Co.; Hadley Auto Transport; and Transportation Releasing; operates a nationwide automobile transportation business.
As a result of the deal — which includes LAC's 1,200 employees operating out of 14 terminals — PLG will become the second largest vehicle transporter in North America with annual revenue of approximately $350 million. The acquisition — expected to be completed within 45 days — is subject to regulatory approvals and satisfying customary closing conditions.