Penske Truck Leasing to Acquire DeCarolis Truck Rental Inc.

READING, Pa., December 3, 2021 - Penske Truck Leasing today announced it has reached an agreement to acquire the assets of Rochester, N.Y.-based DeCarolis Truck Rental Inc. Financial terms were not disclosed.

"DeCarolis Truck Rental is a well-respected name in the region and we are excited about the opportunity to join our businesses," said Art Vallely, president, Penske Truck Leasing. "We look forward to working closely with DeCarolis customers and associates to integrate the business into the Penske brand."

This transaction is subject to customary closing conditions, including certain regulatory approvals. The parties involved anticipate closing the transaction on December 17, 2021.

"We're very excited about joining the Penske organization," said Michael Margarone, president and CEO, DeCarolis Truck Rental. "The combination of both companies will elevate our technology and service capabilities and ultimately benefit our customers. We look forward to this new journey together."

Founded over 80 years ago, DeCarolis Truck Rental is a family-owned and operated company headquartered in Rochester, N.Y. They provide truck leasing, rental, maintenance and repair services to the food processing and distribution, consumer distribution and freight hauling industries. They employ approximately 175 people, maintain a fleet of approximately 2,350 units, and service customers from 10 locations.

Penske Truck Leasing is a Penske Transportation Solutions company headquartered in Reading, Pennsylvania. A leading global transportation services provider, Penske Truck Leasing operates more than 350,000 vehicles and serves customers from more than 1,300 locations in North America, South America, Europe, Australia and Asia. Product lines include full-service truck leasing, contract maintenance, commercial and consumer truck rentals, used truck sales, transportation and warehousing management and supply chain management solutions. Visit www.pensketruckleasing.com to learn more.