Ryder System, Inc. announced that the acquisition of North Carolina trucking company Cardinal Logistics has been completed.
Ryder announced the acquisition on Thursday February 1, 2024. With the acquisition, Ryder gains Cardinal’s 200 operating locations, 2,900 power units, and 3,400 truck drivers.
Cardinal company founders Tom Hostetler and Vin McLoughlin will join Ryder to ensure a seamless transition.
Concord, North Carolina-headquartered Cardinal was founded in 1997, but in the 1980s and and early 1990s, Hostetler and McLoughlin worked for Ryder.
“We’ve come full circle, back to where we started, and that was purposeful,” said 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,” said 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.”
Ryder says that acquiring Cardinal is part of a plan to “accelerate profitable growth in its dedicated business” and “create synergies and to benefit both Ryder and Cardinal customers.”
“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.”
Cardinal primarily provides transportation services for the consumer packaged goods, omnichannel, grocery, building products, automotive, and industrial industries.