Lily Full Service Truck Leasing Division has been acquired by Ryder

Covington Associates today announced it has acted as financial advisor to Lily Transportation Corp., a Northeast U.S. regional transportation services company based in Needham, Mass, in its sale of the full service truck leasing division to Ryder System. The acquisition, terms of which were not announced, is expected to add $30 million in annualized revenue to Ryder's Fleet Management Solutions business unit.