Penske Truck Leasing Company LP has entered into an agreement with the Bright family to acquire Bright Truck Leasing & Bright Distribution, providers of full-service truck leasing, truck rental, maintenance, and logistics operations. Financial terms were not disclosed.
"Bright and Penske customers will benefit from synergies in our products and services available through our combined network of facilities across North America," said Brian Hard, president and chief executive officer, Penske Truck Leasing.
Headquartered near Dallas TX, Bright Truck Leasing & Bright Distribution serve approximately 2,400 customers at 19 locations throughout Texas. Bright's products and services align well with Penske's services and include full-service truck leasing, truck rental, contract maintenance, and dedicated contract carriage services.
The acquisition will add about 3,400 tractors, trucks, and trailers to Penske's fleet. The transaction is subject to customary closing conditions, and the parties anticipate closing by late February.