Ryder System announces acquisition of Cardinal Logistics
Earlier today, Miami-based freight transportation and logistics services provider Ryder System Inc. said it has acquired Concord, NC-based Cardinal Logistics, a provider of freight transportation and logistics services.
A purchase price for the transaction was not disclosed.
Ryder officials said that bringing Cardinal into the fold will help to enable the company’s growth and also further strengthen its position as a leading customized North American-based dedicated contract carrier.
Cardinal’s service offerings are comprised of providing dedicated fleets and professional drivers to service complex route structures across distribution centers, suppliers, and stores, as well as complementary freight brokerage services; and, to a lesser extent, last-mile delivery and contract logistics services. Cardinal primarily serves the consumer packaged goods, omnichannel, grocery, building products, automotive, and industrial verticals.
Ryder added that it expects this transaction to create synergies and to benefit both Ryder and Cardinal customers. And it added that Ryder will fully integrate Cardinal operations, facilities, and equipment into its dedicated transportation, fleet management, and supply chain businesses. The transaction is expected to be accretive in 2025 after achieving synergies and completing integration efforts, it noted.
“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,” said Steve W. Martin, senior vice president of dedicated transportation for Ryder, in a statement. “Combined with our end-to-end visibility and collaboration technology RyderShare, we can deliver tremendous value for customers looking for more dynamic and resilient transportation solutions.”
This deal also represents a reunion, of sorts, for Cardinal’s leadership, with its CEO Tom Hostetler and Cardinal Chairman of the Board Vin McLoughlin, whom founded Cardinal in 1997 and each spent the first eight years of their careers at Ryder in the 1980s and early 1990s, returning to Ryder.
“We’ve come full circle, back to where we started, and that was purposeful,” said Hostetler, CEO at “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.”
And McLaughlin said that Cardinal cares deeply about its people and its customers, many of whom have been with Cardinal 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,” he said. “We’re excited for the future, knowing that our customers and employees are in the best possible hands with Ryder.”
Ryder said it will provide additional details about this deal on its earnings call scheduled for February 14.
