Privately held Cardinal Logistics Management said Monday it has been acquired for an undisclosed amount by private equity firm Centerbridge Partners L.P., which also is the primary owner of Greatwide Logistics Services.
Cardinal is a 15-year-old company based in Concord, N.C., that began as a domestic, dedicated contract trucking company delivering products to stores, dealers and branch locations. It now offers bulk transport, carrier selection and load planning services, fleet management, warehouse and inventory management, final mile delivery to homes and job sites, life science logistics, refrigerated transport and technology for routing, scheduling, scanning, electronic proof-of-delivery and tracking through a software-as-a-service model for companies that manage their own transportation.
Cardinal officials said the deal will give the company the financial strength to invest and grow the company.
Among Cardinal's major customers are AutoZone, Office Depot, KraftMaid Cabinetry, Lowes, Home Depot, PetSmart and Eastman Kodak Co. Regaining lost revenue from the recession has been a challenge with customers like Home Depot and Lowes in the building materials industry.
Logistics industry consulting firm Armstrong & Associates estimates Cardinal's annual net revenue at about $312 million. It operates more than 1,500 tractor-trailers and straight trucks, as well as six warehouses. - Eric Kulisch