BB&T Capital Markets Serves as Financial Advisor to Old Dominion Truck Leasing in its Sale to Penske Truck Leasing
On July 14, 2017, Old Dominion Truck Leasing (“ODTL” or the “Company”) was acquired by Penske Truck Leasing (“Penske”). BB&T Capital Markets served as the financial advisor to ODTL and its shareholders.
Founded in 1963, ODTL serves approximately 360 customers in diverse industry sectors from 11 locations in five states. The acquisition adds approximately 1,400 tractors, trucks, and trailers to Penske’s fleet. “Old Dominion Truck Leasing and Penske Truck Leasing customers will benefit from synergies in our products, technology, and services across our combined network of facilities,” said Brian Hard, President and CEO, Penske Truck Leasing.
“We appreciate the opportunity to work with ODTL and the Congdon Family on this important transaction,” said Hugh Rabb, Managing Director and Co-Head of the Logistics & Transportation Group at BB&T Capital Markets. “Over more than a half-century, ODTL has built an exceptional reputation and proud history. We are excited to see the Company find a partner in Penske that shares its commitment to high-quality service.”
About the Companies
Old Dominion Truck Leasing, Inc. is a premier provider of services in truck leasing, rentals, maintenance, and dedicated logistics. The company has locations in multiple states and offers services nationally. Old Dominion Truck Leasing has proudly served its loyal customers for more than 50 years. Visit www.odleasing.com to learn more.
Penske Truck Leasing Co., L.P., headquartered in Reading, Pennsylvania, is a partnership of Penske Corporation, Penske Automotive Group, GE Capital Holdings and Mitsui & Co., Ltd. A leading global transportation services provider, Penske operates more than 260,000 vehicles and serves customers from more than 1,000 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.GoPenske.com to learn more.
Logistics & Transportation Services
BB&T Capital Markets' Logistics & Transportation Group provides M&A, capital raising and corporate banking services to companies in the logistics and transportation industry, including third-party logistics providers (freight forwarding, contract warehousing, truck brokerage), trucking (truckload and LTL), marine transportation (inland barge and international shipping), railroads, transportation equipment and waste services. BB&T’s Logistics & Transportation Corporate Banking Team manages in excess of $2.1 billion of assets, comprised by more than 50 industry relationships. The team specializes in delivering corporate finance and equipment finance solutions to industry participants spread across all sectors of the transportation industry.
About BB&T Capital Markets
BB&T Capital Markets offers an integrated platform of equity and debt underwriting, M&A advisory, corporate banking, and sales and trading. Headquartered in Richmond, VA, with offices throughout the US, we have specific expertise within 10 distinct industry verticals including Automotive Aftermarket; Commercial & Industrial; Education; Energy; Financial Services; Food & Agribusiness; Healthcare; Logistics & Transportation Services; Real Estate; and Retail & Consumer. Our commitment to industry expertise, combined with our resources as one of the nation's strongest financial institutions, strategically positions BB&T Capital Markets to build lasting relationships and contribute measurably to the long-term success of our clients.