TIP Trailer Services has signed a deal to acquire the trailer leasing and maintenance business of Ryder for an undisclosed sum.
The business will integrate Ryder assets and contracts from their mobile maintenance services division into its existing business in the UK, enriching its fleet with around 3,550 additional trailers.
Ryder was considering the closure of its UK operations and had entered into a period of consultation with its employees, customers and suppliers.
The completion of the transaction is expected to take place in June 2022, expanding the number of workshops TIP has in the UK to eighteen which will now include a site in Lichfield and two parking locations in Shepshed and Manchester.
Bob Fast, TIP president and CEO, said: “Acquiring the trailer leasing and maintenance business of Ryder is another key milestone in our growth path. It increases our UK & Ireland footprint, allowing us to improve service offering and infrastructure in areas where we have gaps today. It will increase our service offering to customers, expand and diversify our customer base in the UK.”
David Hunt, vice president and managing director - FMS Europe, Ryder, added: “With TIP we have found a great partner to guarantee a successful future for the mobile maintenance services part of our business. The acquisition will ensure continuation of the business, no disruption to customers and business partners along with providing 133 Ryder UK employees with continuity of employment.”
Over the coming months, both companies will work on the fleet integration to manage a smooth transition with customers and suppliers. A significant portion of the Ryder mobile maintenance services employee base are mobile technicians, which will enhance TIP’s maintenance and repair business.