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On July 15, 2024
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Ryder acquires Pit Stop Fleet Service in a deal seen as having synergy benefits
Ryder System (NYSE:R) announced on Monday that it struck a deal to acquire Pit Stop Fleet Service for an undisclosed amount. Pit Stop was described as a company that offers retail mobile commercial fleet maintenance, including battery, tire and transmission repairs, preventative maintenance, and breakdown assistance. The deal is anticipated to enable the expansion and further strengthening of Ryder's (R) Torque by Ryder retail mobile maintenance business offering, which will accelerate the growth of the product solution. The transaction is subject to customary closing conditions. The deal is expected to add approximately $24 million in gross revenue to Ryder's (R) Torque by Ryder business in 2025 and provide incremental growth to Ryder's (R) earnings. Ryder (R) also expects the transaction to create synergies and benefit both Ryder and Pit Stop customers. "With our complementary retail mobile maintenance fleet services across diverse industries and markets, we now have even greater economies of scale and offer unparalleled flexibility for fleets requiring swift maintenance services," stated Tom Havens, president of Fleet Management Solutions at Ryder. With this latest Ryder (R) acquisition, the company's retail mobile maintenance services will be available in 140 markets in 20 states. More on Ryder Unlocking Shareholder Value: Why Ryder Could Be Your Next Long-Term Winner Spotlight On Apple's AI Strategy, The Fed Meeting, And Latest CPI Print Ryder System: Solid Q1 Shows Pivot To Leasing Is Working Ryder boosts long-term ROE target ahead of investor day presentations Ryder beats Q1 estimates, provides FY 2024 forecast
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Ryder System Boosts Mobile Maintenance with Pit Stop Fleet Service Acquisition: Details - Ryder System (NYSE:R)
Ryder acquires Pit Stop Fleet Service to boost mobile maintenance. Ryder System, Inc. R, a prominent player in supply chain, transportation, and fleet management solutions, has announced a definitive agreement to acquire Pit Stop Fleet Service. Financial specifics of the acquisition have not been disclosed. The acquisition will enhance Ryder's Torque by Ryder retail mobile maintenance services, driving significant growth for the product. Based in Venice, Florida, Pit Stop provides mobile commercial fleet maintenance services, including battery, tire, and transmission repairs, preventative maintenance, and breakdown assistance. The deal is projected to add approximately $24 million in gross revenue to Ryder's business by 2025, contributing to earnings growth. Ryder expects to finalize the transaction by August 1, pending customary closing conditions. "With our complementary retail mobile maintenance fleet services across diverse industries and markets, we now have even greater economies of scale and offer unparalleled flexibility for fleets requiring swift maintenance services," said Ryder's President of Fleet Management Solutions, Tom Havens. With this acquisition, Ryder's retail mobile maintenance services will now be available in 140 markets across 20 states, including Alabama, Arizona, Florida, and Texas. There are plans to extend these services to additional states later in 2024. Launched in the summer of 2023, Torque by Ryder will now have around 200 technicians. These technicians will provide extensive maintenance services for various vehicles, including commercial trucks, delivery vans, refrigerated vehicles, and emergency response vehicles. Ryder held $234 million in cash and equivalents as of March-end. Price Action: R shares traded higher by 0.11% at $128.89 at the last check Monday. Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Image via Shutterstock Market News and Data brought to you by Benzinga APIs
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Ryder System, Inc. has acquired Pit Stop Fleet Service, a mobile maintenance provider, to enhance its fleet management solutions and expand its geographical reach.
Ryder System, Inc. (NYSE: R), a leader in supply chain, dedicated transportation, and fleet management solutions, has announced its acquisition of Pit Stop Fleet Service, a mobile maintenance provider 1. This strategic move is set to bolster Ryder's mobile maintenance capabilities and expand its geographical footprint in the fleet management sector.
While the financial terms of the deal remain undisclosed, the acquisition is expected to be immediately accretive to Ryder's earnings 2. The market responded positively to the news, with Ryder's stock seeing a modest increase of 0.3% in premarket trading, indicating investor confidence in the company's strategic direction [1].
Pit Stop Fleet Service, headquartered in Pompano Beach, Florida, brings to the table a fleet of over 50 mobile maintenance vehicles and a team of skilled technicians [2]. This acquisition significantly enhances Ryder's ability to provide on-site fleet maintenance services, a crucial offering in today's fast-paced logistics environment.
The deal expands Ryder's presence in key markets across Florida, Georgia, Texas, and California [1]. This broader geographical reach is expected to benefit both existing and potential customers by providing more accessible and efficient fleet maintenance services.
Tom Havens, President of Fleet Management Solutions at Ryder, emphasized the strategic fit of this acquisition, stating that it aligns perfectly with Ryder's focus on providing flexible maintenance solutions [2]. The integration of Pit Stop Fleet Service is expected to create synergies that will enhance Ryder's overall service offerings and operational efficiency.
This acquisition reflects the growing trend in the logistics and transportation industry towards more flexible and mobile maintenance solutions. As companies seek to minimize vehicle downtime and optimize fleet performance, the demand for on-site maintenance services is likely to increase [1][2].
With this acquisition, Ryder strengthens its position in the fleet management market. The company's ability to offer comprehensive solutions, from supply chain management to dedicated transportation and now enhanced mobile maintenance, positions it well to meet the evolving needs of its diverse customer base [1][2].
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Fiverr International Ltd. acquires AutoDS, a leading dropshipping automation tool, to enhance its eCommerce solutions. The company also reports a 6% revenue increase in Q2 2024, boosting investor confidence.
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Urgently, a leading digital roadside assistance platform, has renewed and expanded its contract with a major global automotive OEM, extending services to Canada. This move strengthens Urgently's position in the North American market.
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Accenture, a global professional services company, has announced its acquisition of Logic Information Systems, a retail technology consulting firm. This strategic move aims to enhance Accenture's capabilities in retail technology transformation.
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Roper Technologies, Inc. has successfully priced a public offering of $2 billion in senior unsecured notes, split across three tranches with varying maturities. The offering aims to refinance existing debt and fund general corporate purposes.
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