Exclusive financial advisor to DeCarolis Truck Rental, Inc
KPMG Corporate Finance LLC acted as exclusive financial advisor to DeCarolis Truck Rental, Inc.
KPMG Corporate Finance LLC is pleased to announce the sale of DeCarolis Truck Rental, Inc. (DeCarolis or the Company) to Penske Truck Leasing Co., LP (Penske).
Founded over 80 years ago, DeCarolis Truck Rental is a family-owned and operated company headquartered in Rochester, N.Y. They provide truck leasing, rental, maintenance, and repair services to the food processing and distribution, consumer distribution, and freight‑hauling industries. They employ approximately 175 people, maintain a fleet of approximately 2,350 units, and service customers from 10 locations.
“DeCarolis Truck Rental is a well-respected name in the region, and we are excited about the opportunity to join our businesses,” said Art Vallely, president of Penske Truck Leasing. “We look forward to working closely with DeCarolis customers and associates to integrate the business into the Penske brand.”
“We’re very excited about joining the Penske organization,” said Michael Margarone, president and CEO of DeCarolis. “The combination of both companies will elevate our technology and service capabilities and ultimately benefit our customers. We look forward to this new journey together.”
Paul DeCarolis, chairman and owner of DeCarolis, commented on working with the KPMG CF team, “This transaction is my second experience with this team. Their attention to detail, proactive approach, and professionalism made the process very smooth in both cases, provided options, and ultimately resulted in great outcomes.”
About Penske Truck Leasing
Penske Truck Leasing is a Penske Transportation Solutions company headquartered in Reading, PA. A leading global transportation services provider, Penske Truck Leasing operates more than 350,000 vehicles and serves customers from more than 1,300 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.
KPMG Corporate Finance LLC
The global Corporate Finance practice of KPMG International’s network of independent member firms was ranked #1 as the top M&A middle-market adviser globally by Refinitiv, based on number of completed transactions, for the past 20 years.
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