Performance Logistics Group, Inc. to acquire Leaseway auto carrier from Penske Truck Leasing

Penske Truck Leasing Co. has agreed to swap its holdings of the Leaseway Auto Carrier group (LAC) with a significant minority interest in Performance Logistics Group, Inc. (PLG)

PLG and its subsidiaries operate an American-wide automobile transportation business. LAC, with its 1,200 employees in 14 terminals, provides finished vehicle transportation services for original equipment manufacturers in the U.S., Canada and Puerto Rico. After this transaction, PLG will be the largest provider of vehicle transport services on the continent.

The transaction is expected to finish within 45 days and is subject to regulatory approval and customary closing conditions being met.