H.I.G. Capital announces sale of Cardinal Logistics to Ryder

H.I.G. Capital announced the sale of its portfolio company, Cardinal Logistics, to Ryder System. Founded in 1997 and headquartered in Concord, NC, Cardinal provides fully outsourced transportation and logistics solutions to customers across diverse end markets. The Company’s dedicated contract carriage offering allows customers to secure a dedicated fleet and drivers, servicing complex route structures across distribution centers, suppliers, and stores. Cardinal enhances operating efficiencies and delivers exceptional service to its customer base. Since its acquisition of Cardinal in June 2019, H.I.G. collaborated with the management team to more than double the earnings of the business through investment in additional DCC sales resources, fleet upgrades and expansion, significant growth of the asset-light brokerage via new technology and new hires, and a strategic acquisition in last mile segment delivery.