William Blair acted as the exclusive financial advisor to Cardinal Logistics (Cardinal or the company), a portfolio company of H.I.G. Capital (H.I.G.), in connection with its sale to Ryder System, Inc. (Ryder). The transaction closed on February 1, 2024.
About the Companies
Founded in 1997 and based in Concord, N.C., Cardinal provides fully outsourced transportation and logistics solutions to customers across diverse end markets. The company’s dedicated contract carriage offering allows customers to secure dedicated fleet and drivers, servicing complex route structures across distribution centers, suppliers, and stores. Cardinal enhances operating efficiencies and delivers exceptional service to its customer base.
H.I.G. is a leading global alternative investment firm with $60 billion of capital under management. Based in Miami, and with offices across the United States, as well as ten international affiliate offices, the firm specializes in providing both debt and equity capital to middle market companies, utilizing a flexible and operationally focused / value-added approach. Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales of more than $53 billion.
Ryder System is a leading logistics and transportation company. It provides supply chain, dedicated transportation, and fleet management solutions, including warehousing and distribution, e-commerce fulfillment, last-mile delivery, managed transportation, professional drivers, freight brokerage, full-service leasing, maintenance, commercial truck rental, and used vehicle sales to some of the world’s most-recognized brands. Ryder provides services throughout the United States, Mexico, and Canada. In addition, Ryder manages nearly 260,000 commercial vehicles and operates approximately 300 warehouses encompassing more than 95 million square feet.
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