Onex Unit Buys Leaseway Auto Carrier From Penske Truck Leasing
Onex Corp. said on March 31 that its partly owned Performance Logistics Group acquired Leaseway Auto Carrier Group, a transport company serving major automakers, from Penske Truck Leasing Co., according to a report by Reuters published in Automotive News.
Onex, a Toronto-based conglomerate whose holdings range from high technology to movie theaters, said the deal was a share exchange transaction that will leave it with 26 percent of the combined entity.
Penske Truck Leasing, a joint venture of Penske Corp. and General Electric Co., said it received a significant minority interest in Performance Logistics as a result of the transaction.
Onex said the deal will make Performance Logistics North America's second largest transporter of new vehicles for automakers. Major customers include General Motors and Toyota.