Affiliates of private equity firm Centerbridge Partners have acquired Cardinal Logistics Management, a provider of domestic delivery transportation systems.
Vin McLoughlin, chairman of Cardinal, says: "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. The transaction also represents the start of an exciting new chapter in Cardinal’s history with the partnership and financial backing of Centerbridge."
Will Manuel, senior managing director of Centerbridge, says: "Vin, Tom, Jerry Bowman, and the rest of the Cardinal team have done an exceptional job building and leading Cardinal since the Company’s founding 15 years ago. We are very excited to be partnering with such a strong leadership team and organisation as we work together to realise 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."
