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Centerbridge takes over transportation solutions provider Cardinal
Monday 06 August 2012

6 August 2012 - New York-based buyout firm Centerbridge Partners LP has bought, via affiliates, Cardinal Logistics Management Inc, a US provider of dedicated and delivery domestic transportation services, the acquired firm said today without disclosing financial details.

Headquartered in Concord, North Carolina, Cardinal develops and implements customised transportation solutions including specialised equipment and handling and integrated technology. Its portfolio of services includes dedicated contract carriage, home and jobsite delivery, life sciences logistics, bulk transport, transportation management, supply chain consulting, Software as a Service (SaaS) solutions, warehousing and distribution.

Commenting on the deal, Cardinal's chairman Vin McLoughlin said that the partnership and financial support of Centerbridge would enable the company to better serve its customers and to continue its growth. In turn, Will Manuel, senior managing director of Centerbridge, stated that the private equity firm would support Cardinal in its expansion efforts. He noted that the acquired firm, with a 15-year history and a strong leadership team and organisation, has no debts, which ensures maximum financial and operating flexibility.

Cardinal employed Kirkland & Ellis LLP and Lazard Ltd (NYSE:LAZ) to advise it on the transaction, whereas Latham & Watkins LLP consulted Centerbridge.

Centerbridge, which is based in New York City, focuses on private equity and credit investments. It has USD20bn (EUR16.2bn) in capital under management.
Date Published: 06/08/2012
Target: Cardinal Logistics Management Inc
Country: USA
Sector: Road transport/Freight transport, Business and Consumer Services
Type: LBO
Status: Closed
Buyer: Centerbridge Partners LP
Buyer Advisor: Latham & Watkins LLP