Ryder Europe has purchased CV contract hire and fleet management specialist Euroway for an undisclosed sum.

Euroway has a total fleet of 1,419 CVs, ranging from 3.5 tonners to tractor units, plus trailers.

Daf is the dominant supplier to Euroway. In 2010, its combined divisions generated a combined turnover of about £22m and a pre-tax loss of circa £730,000.

The acquisition means Ryder’s fleet totals nearly 25,000, comprising 10,514 trailers and 13,905 vehicles.

David Hunt, vice president and MD of Ryder Europe, says: "The acquisition of Euroway fits perfectly with our investment and growth strategy. It is well run and has grown substantially over the past 18 years. It has expertise in maintenance and fleet management, which complements Ryder’s offerings."

Euroway fits well with Ryder with an overlap of just 20 customers. Its customer portfolio includes major retailers, wholesalers, food distribution companies, manufacturers, third-party logistics providers and fuel distributors across the UK and Ireland.

Euroway MD Justin Lochhead says: "I believe that Ryder’s national location network and wide range of vehicle options and services will bring huge benefits to Euroway’s existing customers."

Hunt confirmed that Ryder will adopt the same integration strategy as it has employed with its £151m acquisition of Hill Hire in June 2011.

"We will initially be running Euroway in parallel with Ryder. Our focus will be to work closely with customers and suppliers to ensure that high service levels continue with minimum disruption."