Ryder acquires truck rental rival Hill Hire for £151m
Page 7
If you've noticed an error in this article please click here to report it so we can fix it.
By Laura Hailstone and Roger Brown TRUCK RENTAL giant Hill Hire has been bought by competitor Ryder Europe for £151m cash.
Under the terms of the acquisition, which was completed on 8 June, Hill Hire’s 13 UK depots, 4,000 HGVs, and other equipment, including a large trailer leet for rental and contract hire, will transfer to Ryder; as will the company’s UK workforce of 300 staff and technicians.
Lloyds Banking Group sold Hill Hire for £16m less than its book value of £167m, having irst approached Ryder 15 months ago.
Robert Sanchez, president of global leet management solutions for Ryder System, says: “Hill Hire’s vehicle leet, which comprises 60% tractors, complements Ryder’s existing UK leet, which is largely rigid based.”
The combined business will oper
ate a leet of more than 10,000 HGVs and serve more than 5,000 customers.
David Hunt, vicepresident and MD of Ryder Europe, adds: “The transition to operating as one UK business now begins. Throughout this process, we will be focused on achieving the optimum business structure that best serves our customers.” Hill Hire MD Andy Mitchell has stepped down. Hill Hire’s branding will go in the long term.
Warren Fletcher, MD at Centurion Truck Rental, based in Manchester, says: “This is very good news for the truck rental market, with a professional company like Ryder taking over Hill Hire.
“The sector is doing well at the moment with people wanting a bit of lexibility with their leets.”