Addleshaw Goddard and Jones Day were on opposite sides of the table in Ryder System’s £154m acquisition of Bradford-based truck leasing company Hill Hire from Lloyds Banking Group.
The deal represents part of Lloyds’ strategy to offload non-core assets. It is also strategically important for New York-listed Ryder as it works to expand its UK presence.
It is the logistics company’s first large transaction in the UK since it started operating in the country 40 years ago and is predicted to bolster annual revenue for its global fleet management solutions sector by around £90m.
Nick Pearey led the Addleshaws corporate team acting for Lloyds, alongside associate Andrew Cotton and tax partner Elaine Gwilt.
Ryder was advised by a Jones Day team headed by M&A partner Julian Runnicles. He was assisted by partner Chris Papanicolaou on the environmental side and tax partner Charlotte Sallabank.
Jones Day enjoys an established relationship with Ryder in the US and has advised the client in the UK for a number of years.
The combined truck business in the UK will operate under the Ryder name once the deal is completed.
Ryder gains some 4,000 heavy duty vehicles and 300 staff, as well as a large trailer fleet for lease and rental. It also acquires all 13 of Hill Hire’s vehicle maintenance depots across the UK.