Rentway, Transervice call off deal
CALGARY (Jan. 6, 2000) — After protracted negotiations, Rentway Ltd., the fleet management business of Calgary-based Trimac Corp., said it has withdrawn an offer to buy Transervice Lease Corp. and Transervice Logistics Inc. of Lake Success, N.Y.
The companies had expected to close thedeal on March 31, 1999.
The Transervice companies specialize in full-service leasing and contract maintenance. They operate a fleet of 11,000 vehicles at more than 80 locations in the United States and had revenue of $75 million in 1998, up 25% from the previous year.
The combination of Rentway and Transervice would have created one of the fifth-largest equipment leasing firms in North America.
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