Performance Logistics Group Completes Transaction to Acquire Leaseway Auto Carrier from Penske Truck Leasing

WAYNE, Mich., March 30 -- Performance Logistics Group, Inc. (PLG) based in Wayne, Michigan, and Penske Truck Leasing Co., L.P. (Penske) based in Reading, Pa. today announced completion of the transaction whereby PLG acquired 100 percent of the stock of LAC Holding Corp., the holding company for Penske's interest in the Leaseway Auto Carrier Group (LAC). As a result of the transaction Penske received a significant minority interest in PLG.

PLG is the parent of Performance Transportation Services, Inc. (PTS) which operates a nationwide automobile transportation business with its subsidiaries E. and L. Transport Company LLC (E&L), Hadley Auto Transport (Hadley) and Transportation Releasing, LLC. E&L operates primarily in the north central United States. Hadley operates primarily in the western United States. PTS has approximately 1,200 employees operating out of 15 terminals.

LAC provides finished vehicle transportation services for original equipment manufacturers in the United States, Canada and Puerto Rico. LAC has approximately 1,200 employees operating out of 14 terminals.

Through this acquisition, PLG will become the second largest provider of vehicle transport services in North America with annual revenue of approximately US $350 million.

"PTS and Penske have similar cultures and share a strong commitment to our customers, shareholders and employees," says Rick Roger, president and chief executive officer, PTS. "Bringing these companies together gives us the opportunity to change historical paradigms by leveraging distinct technological advantages, a national geographic scope, and a broader and deeper customer base. By differentiating ourselves in the areas of proactive solutions, tactical problem-solving and network reliability, PTS desires to not only set a new standard for customer satisfaction, but also to change how that standard is defined."

Penske Truck Leasing, headquartered in Reading, Pa., is a joint venture of Penske Corporation and General Electric. A leading global transportation services provider, the company operates approximately 200,000 vehicles and serves customers from nearly 1,000 locations in the United States, Canada, Mexico, South America and Europe. Product lines include full-service leasing, contract maintenance, commercial and consumer rental, transportation and warehousing management, and supply chain management solutions. Penske Truck Leasing's annual revenue is approximately US $3.4 billion. The company can be reached at www.pensketruckleasing.com.

Performance Logistics Group, Inc. is a portfolio company of Onex Corporation and Norwest Equity Partners, based in Minneapolis, Minn. Onex Corporation is a diversified company with annual consolidated revenues of approximately C $14 billion and consolidated assets of approximately C $12 billion. Onex is one of Canada's largest companies with global operations in service, manufacturing and technology industries. Its operating companies include Celestica Inc., Loews Cineplex Entertainment Corporation, Magellan Health Services, Inc., ClientLogic Corporation, J.L. French Automotive Castings, Inc., Bostrom Holding, Inc., InsLogic Corporation, Performance Logistics Group, Inc. and Radian Communication Services Corporation. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX.