Ryder System (CCJ Top 250, No. 12) on Thursday acquired Concord, N.C.-based Cardinal Logistics (No. 41), a provider of dedicated fleet services, including last-mile delivery and contract logistics services, and includes a complementary freight brokerage service. Cardinal primarily serves the consumer packaged goods, omnichannel, grocery, building products, automotive and industrial verticals.
Terms of the deal were not disclosed.
The Cardinal acquisition accelerates growth in Ryder's dedicated business. Ryder said it will fully integrate Cardinal operations, facilities and equipment into its dedicated transportation, fleet management and supply chain businesses.
“With complementary contractual services in many of the same industries, we gain greater economies of scale, and we can provide even more flexibility for transportation networks when seasonality and fluctuating demand inhibit the continuous use of resources,” said Steve W. Martin, senior vice president of dedicated transportation for Ryder.
Cardinal co-founders Tom Hostetler and Vin McLoughlin, who each spent the first eight years of their careers at Ryder in the 1980s and early 1990s, will join Ryder as part of the transition.
“We’ve come full circle, back to where we started, and that was purposeful,” said Hostetler, who serves as Cardinal CEO. "We chose Ryder to continue our legacy because of the company culture. We experienced firsthand Ryder’s people-first, customer-centric culture, and that had an impact on us as we built our own company.”
"We care deeply about our people and our customers, many of whom have been with us for decades," added McLoughlin, Cardinal chairman of the board. "We also know Ryder. So, we know our people will have expanded opportunities in a larger, well-diversified company, and our customers will have access to an even greater breadth of products and services and the technology to support their continued growth. We’re excited for the future, knowing that our customers and employees are in the best possible hands with Ryder.”
Ryder last October acquired Impact Fulfillment Services (IFS), a provider of contract packaging, contract manufacturing and warehousing for some of the largest consumer brands in the U.S. As part of the transaction, Ryder acquired 15 operations across Florida, Georgia, Illinois, North Carolina, Ohio, Pennsylvania, Texas, Utah and California.
