Boston, MA — Covington Associates announced it has acted as financial advisor to Lily Transportation Corp., a regional transportation services company based in Needham, Mass., in its sale of full service truck leasing assets to Ryder Systems, Inc. for an undisclosed amount.

Ryder, a Miami-based transportation and supply chain management firm, will acquire substantially all the assets of the full-service truck leasing, commercial truck rental and contract truck maintenance businesses of Lily Transportation Corp.

Michael Papile, Managing Director of Covington Associates said, "We are delighted to have the opportunity to work with the Simourian family on another important strategic transaction, and look forward to assisting them to achieve their growth objectives for the Dedicated Logistics business."

John Simourian of Lily added, "Michael Papile and his team at Covington Associates have been a highly valued asset to Lily. Mike brought this opportunity to us and was instrumental in bringing it to fruition because of his industry specific and financial knowledge and negotiating acumen. We look forward to working with Covington to help grow our Dedicated Logistics business."

Lily Dedicated Logistics Systems, including its dedicated contract carriage operations, will continue to be owned and operated by Lily.

Ryder will take over Lily's 1,560 lease units and 240 contract customers in Massachusetts, Pennsylvania, New Jersey, New Hampshire and Rhode Island.

About Lily Transportation Corp.
Lily Transportation Corp., based in Needham, Massachusetts, is a diversified transportation services company providing Full Service Leasing, specialized Maintenance, and Dedicated Distribution Services to companies shipping products throughout the United States. Since its beginnings in 1958, Lily has been committed to providing quality products and delivering personalized service to its customers located throughout the Northeast region.

To learn more about Lily, visit http://lily.com.

About Covington Associates LLC
Covington Associates is a specialty investment banking firm founded in 1991 serving business service, consumer, industrial, healthcare, and technology companies throughout the country.  Focused on mergers and acquisitions, debt and equity capital raising, debt and equity restructuring, and strategic advisory assignments for middle market companies, Covington Associates has completed transactions ranging in value from $10 million to over $1 billion for both private and publicly traded companies.

To learn more about Covington Associates, visit www.covingtonassociates.com.



Company Contact
Covington Associates LLC
[617] 314-3950
info@covingtonassociates.com