Automotive: South Portland truck leasing business acquired by Penske

Kris-Way Truck Leasing Inc., which is based in South Portland, Maine and employs 150 people, is being purchased by a division of Penske Corp., one of the world’s largest transportation services companies.

A news release Friday did not disclose terms of the deal, but said it’s expected to be completed this spring, pending regulatory approvals.

Kris-Way, founded in 1978, leases and rents trucks and also offers contract maintenance programs for trucking firms. In addition to its main office on Hemco Road in South Portland, the company has branches in Auburn, Bangor, Saco and Waterville along with New Hampshire offices in Concord and Manchester.

The division, Penske Truck Leasing, will absorb Kris-Way’s workforce and more than 900 vehicles. No changes in staffing are anticipated, and eventually the Kris-Way locations will come under the Penske banner, spokesman Randolph P. Ryerson said.

“We’ll bring the employees on and eventually the (Kris-Way) brand name will go away,” he said. “They have a great business and it’s obviously a complementary business to ours.”

Penske Truck Leasing, based in Reading, Pennsylvania, operates and maintains more than 416,000 vehicles and has more than 2,500 rental locations and 919 maintenance facilities across North America.

Penske Corp., the division’s parent company, is headquartered in Bloomfield, Michigan. Penske has annual revenues of about $39 billion and more than 70,000 employees, according to its website. In addition to truck leasing, the company has car and truck dealerships, does business in logistics and transportation planning, and operates a professional auto racing team founded by racing legend Roger Penske. The company also owns the Indianapolis Motor Speedway, where Penske won 18 Indianapolis 500 victories.

“We’re excited to join Penske,” Tom Keefer, the president of Kris-Way, said in a statement. Keefer said being acquired by Penske gives Kris-Way access to a wider sales network and that employees will have new opportunities as well.