Penske Truck Leasing Co has sold its fleet of 250 utility trucks to NESCO, one of the largest utility truck rental companies in the US.
NESCO, which was acquired by Platinum Equity in October 2011, said the deal would expand its presence in the East Coast and mid-Atlantic regions. The price paid to Penske was not disclosed.
Lee Jacobson, NESCO‘s chief executive officer, said; "The acquisition solidifies our position as one of the premier service and equipment providers in the utility and telecommunications rental markets, and demonstrates NESCO and Platinum Equity's commitment to growth."
At the time of NESCO's acquisition by Platinum Equity in November last year, Platinum said its mergers and acquisitions team would help NESCO to identify and pursue opportunities to grow organically and by acquisitions.
Mr Louis Samson, a Platinum Equity partner who has been working with NESCO on its mergers and acquisitions strategy, said the Penske transaction "represents another step forward in Platinum Equity's efforts to support NESCO's overall growth strategy."
NESCO operates a fleet of more than 2500 trucks from 32 locations in the US and Canada. Its fleet includes bucket trucks, digger derricks, truck cranes, pressure diggers, aerial platforms, sign trucks, pullers, tensioners, underground equipment, cable rodders, cable pullers, mini diggers and more.
Penske Truck Leasing is headquartered in Reading, Pennsylvania and is a joint venture between Penske Corp, Penske Automotive Group and GE Capital. It operates more than 200000 vehicles and has 1000 locations in North America, South America, Europe and Asia.