Mitsui has acquired a 20% limited partnership interest in PTL from General Electric Capital Corporation (GECC). The deal is worth approximately $750m. PTL is now owned by Mitsui (20%), GECC (29.9%) and subsidiaries of Penske (50.1%).
“Penske continues to fully operate and control its truck leasing and logistics businesses as it continues to hold 50.1% of the partnership as it has for many years,” a spokesperson for Penske told Automotive Logistics. “There is no change to any of Penske’s operations, leaders or employees and there is no impact on our financial condition or results.”
Penske will continue to be responsible for the management of the business and affairs of the company.
Mitsui hopes that through the acquisition of 20% of PTL, it will be able to provide integrated inland transportation services by trucks to various clients. In a statement, Mitsui said: “In particular, the United States, where PTL has its largest business footprint, is expected to have sustainable population growth and incremental cargo transportation needs.”
Mitsui has previously invested in Penske Automotive Group (PAG), an international transport company, and the second largest automotive retailer in the US, which is controlled by Penske.
It will also work with Penske to expand services and develop transport infrastructure.
“We consider Mitsui & Co a strategic and valued investment partner,” said Penske’s spokesperson. “Since 2001, Penske and Mitsui have made joint investments in PAG, Hino Motor Sales USA and now Penske Truck Leasing. This new investment from Mitsui only further strengthens an already successful relationship and opens up new opportunities for the expansion and growth of our truck leasing and logistics businesses domestically and internationally.”
Mitsui has worked in truck manufacturing and assembly, distribution, and retail businesses, focusing on South-East Asia and South America, but also owns and operates automotive-related logistics businesses around the globe. Specifically, it focuses on automotive production parts logistics businesses in the US, India, China and western Europe.
PTL, meanwhile, operates one of the largest full-service truck leasing, rental and contract maintenance businesses in the US and Canada – with a fleet of around 216,000 trucks, semi-tractors and trailers. It has also recently expanded its commercial truck rental and leasing business to Australia. Subsidiary Penske operates an international logistics business in the US, South America, Europe and Asia.