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In the Marketplace

BY ALM Staff
March 26, 2010

Penske Truck Leasing Co., L.P. of Reading, PA, has completed the acquisition of Texas-based Bright Truck Leasing & Bright Distribution, a privately owned full-service truck leasing, truck maintenance, commercial truck rental, and logistics services provider. The acquisition adds approximately 3,400 tractors, trucks, and trailers to Penske's existing fleet. Penske is now integrating Bright's facilities, staff, vehicles, and processes into its existing network. Challenger Capital Group, Ltd. acted as financial advisers to the selling parties. Penske Truck Leasing is a joint venture among Penske Corporation, Penske Automotive Group, and General Electric.

Stearns Bank N.A. of Albany, MN, has announced that its Equipment Finance Division has purchased a $23 million portfolio consisting of 830 small-ticket leases. Stearns Bank is an independent and employee-owned bank with $1.4 billion in assets and $220 million in capital. CEO/Chairman, Norman Skalicky, stated, Stearns “is one of the strongest and most well-capitalized banks in the nation and we are prepared to purchase multiple performing lease portfolios. We are looking for opportunities.” The bank has provided nationwide equipment lease financing programs in multiple industries for more than 30 years.

Penske Truck Leasing Co., L.P. of Reading, PA, has completed the acquisition of Texas-based Bright Truck Leasing & Bright Distribution, a privately owned full-service truck leasing, truck maintenance, commercial truck rental, and logistics services provider. The acquisition adds approximately 3,400 tractors, trucks, and trailers to Penske's existing fleet. Penske is now integrating Bright's facilities, staff, vehicles, and processes into its existing network. Challenger Capital Group, Ltd. acted as financial advisers to the selling parties. Penske Truck Leasing is a joint venture among Penske Corporation, Penske Automotive Group, and General Electric.

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