Cardinal Logistics, a national provider of dedicated and delivery transportation, has been acquired by Centerbridge Partners, a private investment firm.
"With the successful completion of this transaction, Cardinal is now better positioned than ever to serve our customers and continue our consistent long-term track record of strong, sustainable growth," says
Chairman Vin McLoughlin, a former HDT Truck Fleet Innovator.
CEO Tom Hostetler notes that the deal gives Cardinal "significant financial flexibility and the benefits of a strategic partnership with Centerbridge."
Will Manuel, Senior Managing Director of Centerbridge, said, "Vin, Tom, Jerry Bowman, and the rest of the Cardinal team have done an exceptional job building and leading Cardinal since the Company's founding 15 years ago. We are very excited to be partnering with such a strong leadership team and organization as we work together to realize the many growth opportunities before us. We are acquiring the business with no debt on the balance sheet in order to ensure maximum financial and operating flexibility."
Headquartered in Concord, N.C., Cardinal logistics experts work directly with clients to optimize supply chains with customized transportation solutions.Related Story:3/28/2011 2011 Truck Fleet Innovators - Making Sure It Works