Qorval Serves as Edart Advisor
Qorval serves as Edart advisor and CFO
Prior to its acquisition by Ryder System
July 1, 2008
Ryder System, Inc. has completed its acquisition of Edart Leasing, LLC, a privately-owned, full-service truck leasing, commercial truck rental and contract maintenance company. Qorval, a leading business advisory firm providing management services across a broad array of industries, provided Edart interim CFO services from May 2007 through closing, and served as a sell-side advisor during negotiations.
In its announcement, Ryder said the acquisition includes approximately 1,460 full service lease, and 180 commercial rental units, serving 340 contract customers. Ryder, a leader in transportation and supply chain management, reported that the acquisition adds approximately $35 million in annualized operating revenues to the company’s Fleet Management Solutions business unit.
“Edart has been a leader in transportation in the Northeast U.S. for more than 74 years,” said Scott Sanderson, managing director, Qorval. “We are pleased to have played a role in transitioning this proud third-generation family business. The Siegals have done an excellent job in creating a loyal customer base, and a dominant strategic role in the Northeast. The end result is a world-class home for Edart’s customers and employees.”
Ryder Systems is a $6.5 billion, Fortune 500 company and is listed on the New York Stock Exchange.