October 6, 2006, Cherry Hill, NJ – NationaLease Purchasing Corporation (“NPC”), the purchasing arm of NationaLease, and AmeriQuest Transportation and Logistics Resources Corporation (“AmeriQuest”), announced today that they have signed an agreement to combine both organizations to provide a broader range of value to transportation and logistics companies. Under the agreement, AmeriQuest will be the provider of purchasing and value-added services and will have annual revenues in excess of $500 million. The merger is expected to close in November.
Upon completion of the merger, the leasing members of both AmeriQuest and National Truck Leasing System (“NationaLease”) will unite to form one of the largest Full Service Leasing systems in North America. The leasing companies of both systems will now operate under the NationaLease umbrella. The combined leasing organization will represent more than 700 locations and 150,000 trucks throughout the United States and Canada.
“It makes sense to see these two fine organizations of independent truck lessors consolidate,” said Bill Ford, President and Chief Executive Officer of NPC and NationaLease. “This merger will not only strengthen the NationaLease network, but also enables us to cherry pick the best services from each organization to deliver to a larger group of truck lessors. AmeriQuest benefits by adding NPC’s significant purchasing capabilities.”
President and CEO of AmeriQuest, Doug Clark, will serve as President and Chief Executive Officer of both companies.
“With consolidation the norm in today’s business environment, unifying the members of both independent truck leasing organizations will keep them competitive in North America, ensuring their continued viability and success,” said Clark. “This merger creates a customer driven organization that will deliver superior value to the transportation marketplace in terms of negotiating and purchasing power, a ‘best in class’ reciprocal road service network, and technology products that will add speed and efficiencies to every area of the business process.” The completion of the merger is subject to approval by the shareholders of NationaLease Purchasing Corporation and AmeriQuest, which is expected in November.
AmeriQuest is a national leader in the transportation industry, delivering a broad range of transportation-related products and services at substantial savings through its unique patented business model. AmeriQuest combines best practices and efficient processes utilizing state-of-the-art technology to provide value to the fleet operator by leveraging the direct purchasing power of more than 525,000 trucks and several hundred fleets.
NationaLease Purchasing Corporation, founded in 1985 to serve as a buying corporation for member companies of NationaLease, leverages purchasing volume in excess of $300 million annually.
NationaLease, founded in 1944, has grown to become the largest member-owned network of more than 100 independent truck leasing companies representing a total fleet of 90,000 vehicles served by a reciprocal service network of more than 575 locations across North America. NationaLease will continue to operate from its Oakbrook Terrace, IL home office.
