February 25, 2024

Ryder Completes Acquisition of Cardinal Logistics

| 2/1/2024

Ryder System, Inc. (NYSE: R), a leader in supply chaindedicated transportation, and fleet management solutions, announces it has acquired Cardinal Logistics (Cardinal), enabling growth and further strengthening Ryder’s position as a leading customized dedicated contract carrier in North America. Based in Concord, N.C., Cardinal predominantly provides dedicated fleets and professional drivers to service complex route structures across distribution centers, suppliers, and stores, as well as complementary freight brokerage services; and, to a lesser extent, last-mile delivery and contract logistics services. Cardinal primarily serves the consumer packaged goods, omnichannel, grocery, building products, automotive, and industrial verticals.

The Cardinal acquisition will further advance Ryder’s strategy to accelerate profitable growth in its dedicated business. Ryder expects the transaction to create synergies and to benefit both Ryder and Cardinal customers. Ryder will fully integrate Cardinal operations, facilities, and equipment into its dedicated transportation, fleet management, and supply chain businesses. The transaction is expected to be accretive in 2025 after achieving synergies and completing integration efforts.

“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,” says Steve W. Martin, senior vice president of dedicated transportation for Ryder. “Combined with our end-to-end visibility and collaboration technology RyderShareTM, we can deliver tremendous value for customers looking for more dynamic and resilient transportation solutions.”

To help ensure a seamless transition, Tom Hostetler and Vin McLoughlin, who founded Cardinal in 1997—and both of whom spent the first eight years of their careers at Ryder in the 1980s and early 1990s—will also join Ryder.

“We’ve come full circle, back to where we started, and that was purposeful,” says Tom Hostetler, CEO at Cardinal. “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. 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,” says Vin McLoughlin, chairman of the board for Cardinal. “We’re excited for the future, knowing that our customers and employees are in the best possible hands with Ryder.”

Greenberg Traurig LLP acted as Ryder’s legal counsel for the transaction. William Blair LLC and McDermott Will & Emery LLP represented Cardinal.

 

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