Centerbridge Partners Completes Acquisition Of Cardinal Logistics Transaction Recapitalizes Cardinal with a Debt-Free Balance Sheet
CONCORD, N.C., Aug. 6, 2012 /PRNewswire/ -- Cardinal Logistics Management Inc. ("Cardinal" or the "Company"), a national provider of Dedicated and Delivery domestic transportation services, today announced the acquisition of Cardinal by affiliates of Centerbridge Partners, L.P. ("Centerbridge"), a leading private investment firm.
Vin McLoughlin, Chairman of Cardinal, said, "With the successful completion of this transaction, Cardinal is now better positioned than ever to serve our customers and continue our consistent long-term track record of strong, sustainable growth. The transaction also represents the start of an exciting new chapter in Cardinal's history with the partnership and financial backing of Centerbridge. I want to thank all of our dedicated employees for their hard work in culminating this transaction. On behalf of everyone at Cardinal, we look forward to continuing to serve our customers with the industry-leading service and expertise they've come to expect from us."
Tom Hostetler, Chief Executive Officer of Cardinal, remarked, "This transaction represents an important step forward in Cardinal's history as it will provide us with significant financial flexibility and the benefits of a strategic partnership with Centerbridge. We remain as committed as ever to long-term value creation for Cardinal's customers, employees, shareholders, and communities."
Will Manuel, Senior Managing Director of Centerbridge, said, "Vin, Tom, Jerry Bowman, and the rest of the Cardinal team have done an exceptional job building and leading Cardinal since the Company's founding 15 years ago. We are very excited to be partnering with such a strong leadership team and organization as we work together to realize the many growth opportunities before us. We are acquiring the business with no debt on the balance sheet in order to ensure maximum financial and operating flexibility."
Cardinal was advised by Kirkland & Ellis LLP (legal counsel) and Lazard (financial advisor). Centerbridge was advised by Latham & Watkins LLP (legal counsel).
About Cardinal Logistics Management
Headquartered in Concord, NC, Cardinal is one of the country's leading dedicated transportation solution providers. Cardinal's logistics experts work directly with clients to optimize their supply chains by developing and implementing customized transportation solutions including specialized equipment and handling, and integrated technology. Cardinal's services include dedicated contract carriage, home and jobsite delivery, life sciences logistics, bulk transport, transportation management, supply chain consulting, SaaS solutions, warehousing and distribution to companies like AutoZone, Eastman Kodak Company, KraftMaid Cabinetry and Office Depot.
Centerbridge Partners, L.P. is a private investment firm headquartered in New York City with approximately $20 billion in capital under management. The firm focuses on private equity and credit investments. The firm is dedicated to partnering with world-class management teams across targeted industry sectors to help companies achieve their operating and financial objectives.
Contact: Amanda Pelfrey
Title: Senior Marketing Manager
Phone: (770) 993-5662 ext. 32
SOURCE Cardinal Logistics Management Corporation