NationaLease Purchasing Corporation and AmeriQuest Transportation and Logistics Resources Corporation announced today that they have signed an agreement to combine both organizations to provide a broader range of value to transportation and logistics companies.
Under the agreement, AmeriQuest will be the provider of purchasing and value-added services and will have annual revenues in excess of $500 million. The merger is expected to close in November.
Upon completion of the merger, the leasing members of both AmeriQuest and National Truck Leasing System will unite to form one of the largest full-service leasing systems in North America. The leasing companies of both systems will now operate under the NationaLease umbrella. The combined leasing organization will represent more than 700 locations and 150,000 trucks throughout the United States and Canada.
"It makes sense to see these two fine organizations of independent truck lessors consolidate," said Bill Ford, President and Chief Executive Officer of NPC and NationaLease. "This merger will not only strengthen the NationaLease network, but also enables us to cherry pick the best services from each organization to deliver to a larger group of truck lessors. AmeriQuest benefits by adding NPC's significant purchasing capabilities."
Doug Clark, president and CEO of AmeriQuest, will serve as president and CEO of both companies.
"With consolidation the norm in today's business environment, unifying the members of both independent truck leasing organizations will keep them competitive in North America, ensuring their continued viability and success," said Clark. "This merger creates a customer-driven organization that will deliver superior value to the transportation marketplace in terms of negotiating and purchasing power, a "best in class" reciprocal road service network, and technology products that will add speed and efficiencies to every area of the business process." The completion of the merger is subject to approval by the shareholders of NationaLease Purchasing Corporation, which is expected in November.