Cardinal Logistics Management Inc., a national provider of dedicated and delivery domestic transportation services, on Monday, Aug. 6, announced the acquisition of Cardinal by affiliates of Centerbridge Partners, a private investment firm. Terms were not announced.
“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,” said Vin McLoughlin, chairman of Cardinal. “The transaction also represents the start of an exciting new chapter in Cardinal’s history with the partnership and financial backing of Centerbridge.”
Tom Hostetler, chief executive officer of Cardinal, said the transaction represents a step forward for the company. “It will provide us with significant financial flexibility and the benefits of a strategic partnership with Centerbridge,” Hostetler said. “We remain as committed as ever to long-term value creation for Cardinal’s customers, employees, shareholders and communities.”
Will Manuel, senior managing director of Centerbridge, said his firm “is 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.”