Haulage business Ryder Europe has secured the acquisition of rival company Hill Hire in a deal worth £154 million.

Haulage business Ryder Europe has secured the acquisition of rival company Hill Hire in a deal worth £154 million.

Bradford-based Hill Hire has 13 depots in the UK and 4,000 heavy goods vehicles (HGVs) which provide contract hire services, all of which will transfer to Ryder along with its workforce of 300 staff and technicians.

According to a statement, the 100 per cent equity deal is part of Ryder’s long term growth strategy in the UK, to strengthen the company’s position in the HGV rental, contract hire and maintenance market.

Ryder Europe is the European division of American-based global transportation and logistics company Ryder Systems.

Vice president and managing director of Ryder Europe, David Hunt, says that Hill Hire is a well-respected and successful business.

He adds: ‘The transition to operating as one UK business now begins. The goal of the initial integration process will be working closely with customers and suppliers to help ensure that high service levels continue without disruption.’

The purchase of Hill Hire follows £44 million of investment over the past two years in its own fleet by Ryder. The company works with both private clients and local authorities.

The deal achieves an exit for Lloyds Banking Group who says the sale is part of its strategy to divest assets which are not core to its business.

The deal will enable Ryder to better serve the UK market says president of Global Fleet Management Solutions for Miami-headquartered Ryder System, Robert Sanchez.

Sanchez explains: ‘There are tremendous benefits to bringing the two companies together. Hill Hire’s vehicle fleet, which comprises 60 per cent tractors, complements Ryder’s existing UK fleet which is largely rigid based.’