The transaction is expected to add approximately $24 million in gross revenue to Ryder’s Torque by Ryder business in 2025 and provide incremental growth to Ryder’s earnings.
Ryder System, Inc. has entered into a definitive agreement to acquire Pit Stop Fleet Service, with hopes of supporting the expansion of Ryder’s Torque by Ryder retail mobile maintenance business.
Based in Venice, Fla., Pit Stop offers retail mobile commercial fleet maintenance, including battery, tire, and transmission repairs, preventive maintenance, and breakdown assistance.
The transaction, which Ryder expects to complete by August 1st, subject to customary closing conditions, is expected to add approximately $24 million in gross revenue to Ryder’s Torque by Ryder business in 2025 and provide incremental growth to Ryder’s earnings.
The financial terms of the deal have yet to be disclosed.
“With our complementary retail mobile maintenance fleet services across diverse industries and markets, we now have even greater economies of scale and offer unparalleled flexibility for fleets requiring swift maintenance services,” Tom Havens, president of Fleet Management Solutions at Ryder, said.
Ryder will fully integrate Pit Stop employees, assets, and operations with the support of Ron and Connie Perry, who co-founded Pit Stop in 1997.
“In thinking about the future, I wanted to make sure our employees are in a company that will give them ample opportunities to grow and our customers are in the best possible hands. I believe Ryder is the ideal home for both,” Ron Perry said.
Potential Market Expansions With Increase of Technicians
With this latest Ryder acquisition, Ryder’s retail mobile maintenance services will be available in 140 markets in 20 states: Alabama, Arkansas, Arizona, Florida, Georgia, Indiana, Kentucky, Louisiana, Maryland, Mississippi, New Jersey, Nevada, New Mexico, North Carolina, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, and Virginia; with plans to further expand into additional states later this year.
“We chose Ryder to continue the legacy that we have built over the past couple of decades because of their company culture and operating alignment to always do right by the customer,” Pit Stop Vice President John Croke said.
Since its launch in the summer of 2023 and with this acquisition, Torque by Ryder will have a workforce of about 200 technicians delivering comprehensive customer support.
Technicians are trained to provide services for an extensive range of fleet vehicles, including commercial trucks, trailers, delivery vans, refrigerated vehicles, construction and utility vehicles, passenger and shuttle buses, and emergency response vehicles.
