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March 31, 2023

Penske to acquire large SoPo truck leasing firm

By Laurie Schreiber

Penske Truck Leasing, headquartered in Reading, Pa., said Thursday it has reached an agreement to acquire Kris-Way Truck Leasing Inc.

Founded in 1978, Kris-Way is a transportation services company headquartered in South Portland and offering full-service leasing, commercial truck rental, contract maintenance and dedicated contract carriage. Kris-Way has Maine locations in Bangor, Waterville, Auburn, South Portland and Saco. It has New Hampshire sites in Manchester and Concord. 

Penske will absorb approximately 150 associates and over 900 vehicles from seven locations in both states. Financial terms were not disclosed.

"We believe as part of Penske, Kris-Way is well-positioned to support our customers' needs into the future,” Tom Keefer, president of Kris-Way, said in a news release. “By expanding our network, our associates will have new opportunities for growth and development."

Kris-Way’s administrative office and largest maintenance facility are located in the company’s 55,000-square-foot building on 12 acres in South Portland. Kris-Way’s customer base includes local, regional and national concerns as well as numerous industries with varied distribution problems, often requiring unique solutions. 

Art Vallely, Penske’s president, said it would work with Kris-Way customers and associates to integrate the business into the Penske brand.

"Kris-Way has earned a stellar reputation in the marketplace,” Vallely said. “Penske and Kris-Way customers will benefit from the combined services both companies have to offer across our growing network.”

The transaction is subject to customary closing conditions, including certain regulatory approvals. The parties involved anticipate closing in the second quarter of 2023.

Penske Truck Leasing is a Penske Transportation Solutions company and a leading provider of innovative transportation solutions. It operates and maintains more than 416,000 vehicles and serves its customers from more than 919 maintenance facilities and more than 2,500 rental locations across North America. 

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