M&A Deal Summary

Ryder System Acquires Cardinal Logistics

On February 1, 2024, Ryder System acquired transportation company Cardinal Logistics from H.I.G. Private Equity

Acquisition Highlights
  • This is Ryder System’s 19th transaction in the Transportation sector.
  • This is Ryder System’s 21st transaction in the United States.
  • This is Ryder System’s 2nd transaction in North Carolina.

M&A Deal Summary

Date 2024-02-01
Target Cardinal Logistics
Sector Transportation
Buyer(s) Ryder System
Sellers(s) H.I.G. Private Equity
Deal Type Add-on Acquisition
Advisor(s) William Blair (Financial)
McDermott Will & Emery (Legal)

Target

Cardinal Logistics

Concord, North Carolina, United States
Cardinal Logistics is a third-party logistics, transportation, and supply chain solutions provider. Cardinal Logistics unique approach to outsourcing combines dedicated shipping resources with extensive industry expertise and the most advanced logistics technology to help companies maximize their supply and demand chains. Cardinal Logistics was founded in 1997 and is based in Concord, North Carolina.

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Buyer(S) 1

Buyer

Ryder System

Coral Gables, Florida, United States

Category Company
Founded 1933
Sector Transportation
Employees47,500
Revenue 11.8B USD (2023)
DESCRIPTION
Entrance to Ryder System's corporate headquarters in Miami, Florida.
Entrance to Ryder System's corporate headquarters in Miami, Florida.

Ryder System is a provider of commercial fleet management and supply chain solutions. Ryder operates in two business segments: Fleet Management Solutions (FMS), which provides full-service leasing, commercial rental, contract maintenance, and contract-related maintenance of trucks, tractors and trailers to customers principally in the U.S., Canada and the U.K.; and Supply Chain Solutions (SCS), which provides comprehensive supply chain solutions including distribution and transportation services in North America and Asia. The SCS segment also provides dedicated services, which includes vehicles and drivers as part of a dedicated transportation solution in the U.S. Ryder's customers range from small businesses to large international enterprises. Ryder System was founded in 1933 and is based in Coral Gables, Florida.


DEAL STATS #
Overall 27 of 27
Sector (Transportation) 19 of 19
Type (Add-on Acquisition) 25 of 25
State (North Carolina) 2 of 2
Country (United States) 21 of 21
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-23 Impact Fulfillment Services

Burlington, North Carolina, United States

Impact Fulfillment Services specializes in contract packaging, contract manufacturing, and warehousing for some of the largest and best-known consumer brands in the United States, primarily in the consumer packaged goods (CPG), retail, and healthcare industries. Impact Fulfillment Services is based in Burlington, North Carolina.

Buy -

Seller(S) 1

SELLER

H.I.G. Private Equity

Miami, Florida, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1993
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HIG Private Equity is the private equity arm of HIG Capital LLC. The firm focuses on management buyouts, growth equity investments, and recapitalizations of middle market companies with an enterprise value of $50 - $1000 million. The Firm also will consider add-on acquisitions, industry consolidations, going-privates, and corporate divestitures. Sectors of interest include aerospace, building materials, business services, consumer products, distribution, healthcare, infrastructure, contracting, manufacturing, media, oil & gas services, IT, and transportation. HIG was formed in 1993 and has offices in Miami, Atlanta, Boston, and San Francisco. HIG's European affiliate is HIG Europe with offices in London, Hamburg, and Paris.


DEAL STATS #
Overall 166 of 174
Sector (Transportation) 4 of 4
Type (Add-on Acquisition) 69 of 72
State (North Carolina) 2 of 2
Country (United States) 117 of 120
Year (2024) 1 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-29 DX Group

Datchet, United Kingdom

DX Group provides parcel, freight, secure courier, and logistics services in the United Kingdom and Ireland. The company operates through two segments, DX Freight and DX Express. DX Group was founded in 1975 and is based in Datchet, the United Kingdom.

Buy £307M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-11 ICG

Leonberg, Germany

ICG builds complex FTTx networks on behalf of public and private German network operators. ICG is based in Leonberg, Germany.

Sell -