Ryder System Announces Acquisition of Cardinal Logistics
In a strategic move aimed at enhancing its presence in the dedicated transportation sector, Ryder System has successfully acquired Cardinal Logistics, solidifying its standing as a prominent custom dedicated contract carrier in North America. The Concord, N.C.-based Cardinal specializes in dedicated fleets, professional drivers, and comprehensive freight brokerage services, catering to intricate route structures spanning distribution centers, suppliers, and stores.
This acquisition aligns seamlessly with Ryder’s commitment to propelling profitable growth within its dedicated business. The integration of Cardinal’s operations, facilities, and equipment into Ryder's portfolio of dedicated transportation, fleet management, and supply chain services is expected to generate synergies, benefiting both companies' customers. The transaction, anticipated to be accretive by 2025, underscores Ryder’s strategic vision and commitment to providing dynamic and resilient transportation solutions.
Senior Vice President of Dedicated Transportation for Ryder, Steve W. Martin, emphasizes the advantages of the merger, stating, “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. 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 facilitate a seamless transition, Ryder welcomes the founders of Cardinal, Tom Hostetler and Vin McLoughlin, both of whom spent the formative years of their careers at Ryder in the 1980s and early 1990s.
Hostetler, now CEO at Cardinal, highlights the strategic decision, stating, “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.” Vin McLoughlin, Chairman of the Board for Cardinal, echoes the sentiment, emphasizing the positive outlook for employees and customers: “We’re excited for the future, knowing that our customers and employees are in the best possible hands with Ryder.”