Penske Truck Leasing announced it has reached an agreement to acquire the assets of Rochester, N.Y.-based DeCarolis Truck Rental Inc. Financial terms were not disclosed.

"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, Penske Truck Leasing. "We look forward to working closely with DeCarolis customers and associates to integrate the business into the Penske brand."

This transaction is subject to customary closing conditions, including certain regulatory approvals. The parties involved anticipate closing the transaction on Dec. 17.

“We're very excited about joining the Penske organization,” said Michael Margarone, President and CEO, DeCarolis Truck Rental. “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.”

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. It employs approximately 175 people, maintains a fleet of approximately 2,350 units, and services customers from 10 locations.