H.I.G. Capital News
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H.I.G. Capital Completes Acquisition of Cardinal Logistics
MIAMI – June 10, 2019 – H.I.G. Capital ("H.I.G."), a leading global private equity investment firm with over $30 billion of equity capital under management, is pleased to announce that one of its affiliates has completed the acquisition of Cardinal Logistics (“Cardinal” or the “Company”), a leading provider of dedicated transportation and logistics services in North America.
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 lock in dedicated fleet and drivers, servicing complex route structures with scheduled pick-ups and deliveries across distribution centers, suppliers, and stores. Cardinal is able to enhance operating efficiencies and deliver exceptional service to its customer base.
“Partnering with H.I.G. enables Cardinal to continue delivering excellent service while also pursuing growth opportunities with both existing and new customers,” said Vin McLoughlin, Cardinal’s Chairman. Cardinal's CEO Tom Hostetler added, “We are excited about Cardinal’s growth prospects and believe our clients and employees will benefit immensely from H.I.G.’s support as we embark on our next growth phase.”
“We believe Cardinal represents a compelling opportunity to invest in transportation and logistics, especially as supply chains become more complex and locking in reliable, dedicated capacity takes on mission-critical importance,” said Richard Stokes, Managing Director at H.I.G. “As customers continue to outsource their transportation and logistics needs, we expect Cardinal to become an increasingly important strategic partner. We look forward to working with Vin, Tom and the rest of the executive team to propel the business to new heights.”
Founded in 1997 and headquartered in Concord, NC, Cardinal is a leading provider of dedicated transportation and logistics services in North America. The Company’s dedicated contract carriage (“DCC”) offering provides fully outsourced solutions to customers seeking to lock in dedicated fleet and drivers and ensures exceptional service. Cardinal services complex route structures with scheduled pick-ups and deliveries across distribution centers, suppliers, and stores for ~65 customers across ~170 locations. The Company’s scaled, nationwide platform includes a fleet of 10,000+ tractors/trailers and 3,200+ drivers.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with over $30 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused / value-added approach:
- H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
- H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.