TIP Trailer Services is expanding its market share in the trailer leasing, rental, maintenance and repair space following news of its latest deal.
TIP has agreed to acquire the trailer leasing and maintenance business of Ryder, a commercial vehicle rental, contract hire, maintenance and dedicated delivery solutions firm in the UK.
TIP will integrate Ryder assets and contracts from its mobile maintenance services division into its existing UK business, enriching its fleet with approx. 3,550 additional trailers and expanding the number of workshops in the country to 18 which will now include a site in Lichfield and two parking locations in Shepshed and Manchester.
This deal is expected to close in June 2022.
“Acquiring the trailer leasing and maintenance business of Ryder Ltd is another key milestone in our growth path,” said TIP President and CEO, Bob Fast.
“It increases our UK & Ireland footprint, allowing us to improve service offering and infrastructure in areas where we have gaps today.
“It will increase our service offering to customers, expand and diversify our customer base in the UK.”
David Hunt, Vice President & Managing Director – FMS Europe, Ryder, said the acquisition will ensure continuation of the business with no disruption to customers and business partners along with providing 133 Ryder UK employees with continuity of employment.
“With TIP we have found a great partner to guarantee a successful future for the mobile maintenance services part of our business,” he said.
Both companies in the months to follow will, according to Michael Furnival, TIP Vice President UK and Ireland Region, work on fleet integration to manage a smooth transition with customers and suppliers.
“A significant portion of the Ryder Ltd mobile maintenance services employee base are mobile technicians which will be a great addition to TIP’s maintenance and repair business,” he said. “We are delighted to welcome the mobile maintenance services staff of Ryder UK into the TIP family.”