Ryder Completes Acquisition of Cardinal Logistics
01 Fevereiro 2024 - 9:55AM
Business Wire
- Acquisition complements and strengthens Ryder’s position as a
leading customized dedicated transportation provider in North
America
- Increases scale and network density with addition of 200
operating locations; 2,900 power vehicles; and 3,400 professional
drivers
Ryder System, Inc. (NYSE: R), a leader in supply chain,
dedicated 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.
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Acquisition of Cardinal Logistics
complements and strengthens Ryder’s position as a leading
customized dedicated transportation provider in North America.
(Photo: Business Wire)
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.
Note to Editors:
- Ryder will provide more information regarding the acquisition
during its fourth quarter conference call on Wednesday, February
14, 2024.
About Ryder System, Inc.
Ryder System, Inc. (NYSE: R) 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. Ryder is
regularly recognized for its industry-leading practices in
third-party logistics, technology-driven innovations, commercial
vehicle maintenance, environmental stewardship, corporate social
responsibility, world-class safety and security programs, military
veteran recruitment initiatives, and the hiring of a diverse
workforce. www.ryder.com
Note Regarding Forward-Looking Statements: Certain statements
and information included in this news release are “forward-looking
statements” within the meaning of the Federal Private Securities
Litigation Reform Act of 1995. These forward-looking statements,
including our expectations with respect to the impact of the
acquisition on revenue and earnings growth, cost-savings, and
synergies, are based on our current plans and expectations and are
subject to risks, uncertainties and assumptions. Accordingly, these
forward-looking statements should be evaluated with consideration
given to the many risks and uncertainties that could cause actual
results and events to differ materially from those in the
forward-looking statements including those risks set forth in our
periodic filings with the Securities and Exchange Commission. New
risks emerge from time to time. It is not possible for management
to predict all such risk factors or to assess the impact of such
risks on our business. Accordingly, we undertake no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events, or otherwise.
ryder-tl
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Jonathan Mayor, jonathan_c_mayor@ryder.com Amy Federman,
afederman@ryder.com
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