Union Leasing has closed its acquisition of Walser Leasing and Fleet Services, which will grow the company's fleet leasing asset portfolio by 16%, according to the parent holding company.

Union Leasing, which is based in Schaumburg, Ill., is owned by Sasser Family Holdings, Inc.

"Our company has grown through the years in great part due to the power of our employees and their expertise in the multiple transportation fields we serve," said Fred R. Sasser, chairman and CEO of Sasser Family Holdings. "As we look to the future and our aggressive growth goals across our subsidiary businesses, acquiring like-minded companies like Walser Leasing is a prominent part of our strategy."

Union Leasing announced in January it would acquire Walser Financial Services which includes a business unit operating as Walser Leasing. The sale did not include Walser Specialized Services, which provides fleet acquisition services to car rental companies and other commercial or leasing clients, including larger fleet management companies.