Ryder System has acquired Cardinal Logistics, the transportation and supply chain provider announced Thursday.
The addition of the North Carolina-based business will add 200 operating locations, 2,900 power vehicles and 3,400 professional drivers, and Ryder will integrate the two companies together, according to a press release.
“The Cardinal acquisition will further advance Ryder’s strategy to accelerate profitable growth in its dedicated business,” the press release said.
Ryder’s dedicated segment generated 15% of the business’ $12 billion in overall revenue in 2022, providing services that “allow our customers to mitigate labor challenges associated with maintaining a private fleet of vehicles,” per its latest annual report.
Cardinal mainly serves “complex route structures across distribution centers, suppliers, and stores, as well as complementary freight brokerage services” for consumer packaged goods, omnichannel, grocery, building products, automotive and industrial verticals, a press release said.
Cardinal founders Tom Hostetler and Vin McLoughlin, who started the business in 1997, will join Ryder as part of the move.
Ryder noted the deal increases scale and network density, and the company has worked to expand its e-commerce, omnichannel fulfillment and supply chain capabilities over the years with acquisitions, including Dotcom Distribution and Whiplash in 2022 as well as IFS Holdings, known as Impact Fulfillment Services, in 2023.
“Our e-commerce and last mile services offer omnichannel delivery with two-day delivery across the entire U.S. and one-day delivery across the majority of the U.S.,” Ryder said in its annual report last year. “Our e-commerce and last mile services are provided through a network of over 158 sites strategically located throughout the U.S.”
More details on the deal are expected during Ryder’s Q4 earnings call on Feb. 14.
