Emkay, Inc. has completed its acquisition of PHD Leasing from Penske Truck Leasing Co. L.P. Established in 1953, PHD operated independently until the company sold to Leaseway Transportation in 1978. The company operated as PHD Leaseway until 1986 when it was purchased by Penske Truck Leasing. PHD portfolio includes regional mid-sized fleet accounts in the Southwestern U.S. “Emkay’s strategy of both acquisition and internal growth has resulted in over 100-percent growth in the past five years. The transaction was valued in the low eight figures,” said Chris Tepas, executive VP sales & marketing for Emkay.