Ryder purchases Euroway

Ryder Europe has purchased commercial vehicle contract hire and fleet management specialist Euroway for an undisclosed sum.

Euroway is based in Leighton Buzzard and has a total fleet of 1,419 CVs, ranging from 3.5-tonners to tractor units, plus trailers. In 2010, its combined divisions generated a combined turnover of about £22m and a pre-tax loss of circa £730,000, and the acquisition means Ryder’s fleet totals nearly 25,000. Euroway recently announced that it had secured an exclusive two-year contract hire deal with Domino’s Pizza Group.

David Hunt, vice president and MD at Ryder Europe, says: “The acquisition of Euroway fits perfectly with our ongoing investment and growth strategy.  Euroway is widely respected, well run and has grown substantially over the past 18 years through organic growth and acquisition. Euroway has extensive expertise in maintenance and fleet management, which complements Ryder’s offerings. Euroway’s innovative approach, range of services and strong commitment to customer service make the company a good fit with our own.”

Euroway MD Justin Lochhead, who is joining the Ryder team, adds: “I am very excited about Euroway being part of Ryder. Euroway’s customer portfolio includes major retailers, wholesalers, food distribution companies, manufacturers, third-party logistics providers and fuel distributors across the UK and Ireland. This solid base of contractual blue chip customers strengthens the combined business position in a range of key markets where there is strong potential for growth. 

“I believe that Ryder’s national location network and wide range of vehicle options and services will bring huge benefits to Euroway’s existing customers.”

Hunt confirmed that Ryder will adopt the same integration strategy as it has employed with its £151m acquisition of Hill Hire in June 2011. “We will initially be running Euroway in parallel with Ryder. Our focus will be to work closely with customers and suppliers to ensure that high service levels continue with minimum disruption.”