Acquisition complements and strengthens Ryder's position as a leading customized dedicated transportation provider in North America
Increases scale and network density with addition of 200 operating locations; 2,900 power vehicles; and 3,400 professional drivers

Ryder System, Inc. (NYSE:R), a leader in supply chain, dedicated transportation, and fleet management solutions, announces it has acquired Cardinal Logistics (Cardinal), enabling growth and further strengthening Ryder's position as a leading customized dedicated contract carrier in North America. Based in Concord, N.C., Cardinal predominantly provides 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.

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Acquisition of Cardinal Logistics complements and strengthens Ryder's position as a leading customized dedicated transportation provider in North America. (Photo: Business Wire)

The Cardinal acquisition will further advance Ryder's strategy to accelerate profitable growth in its dedicated business. Ryder expects the transaction to create synergies and to benefit both Ryder and Cardinal customers. 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.

"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," says Steve W. Martin, senior vice president of dedicated transportation for Ryder. "Combined with our end-to-end visibility and collaboration technology RyderShare^TM, we can deliver tremendous value for customers looking for more dynamic and resilient transportation solutions."

To help ensure a seamless transition, Tom Hostetler and Vin McLoughlin, who founded Cardinal in 1997—and both of whom spent the first eight years of their careers at Ryder in the 1980s and early 1990s—will also join Ryder.

"We've come full circle, back to where we started, and that was purposeful," says Tom Hostetler, CEO at Cardinal. "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."

"We care deeply about our people and our customers, many of whom have been with us 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," says Vin McLoughlin, chairman of the board for Cardinal. "We're excited for the future, knowing that our customers and employees are in the best possible hands with Ryder."

Greenberg Traurig LLP acted as Ryder's legal counsel for the transaction. William Blair LLC and McDermott Will & Emery LLP represented Cardinal.

Note to Editors:

Ryder will provide more information regarding the acquisition during its fourth quarter conference call on Wednesday, February 14, 2024.

About Ryder System, Inc.

Ryder System, Inc. (NYSE:R) is a leading logistics and transportation company. It provides supply chain, dedicated transportation, and fleet management solutions, including warehousing and distribution, e-commerce fulfillment, last-mile delivery, managed transportation, professional drivers, freight brokerage, full-service leasing, maintenance, commercial truck rental, and used vehicle sales to some of the world's most-recognized brands. Ryder provides services throughout the United States, Mexico, and Canada. In addition, Ryder manages nearly 260,000 commercial vehicles and operates approximately 300 warehouses encompassing more than 95 million square feet. Ryder is regularly recognized for its industry-leading practices in third-party logistics, technology-driven innovations, commercial vehicle maintenance, environmental stewardship, corporate social responsibility, world-class safety and security programs, military veteran recruitment initiatives, and the hiring of a diverse workforce. www.ryder.com

Note Regarding Forward-Looking Statements: Certain statements and information included in this news release are "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. These forward-looking statements, including our expectations with respect to the impact of the acquisition on revenue and earnings growth, cost-savings, and synergies, are based on our current plans and expectations and are subject to risks, uncertainties and assumptions. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the forward-looking statements including those risks set forth in our periodic filings with the Securities and Exchange Commission. New risks emerge from time to time. It is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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Ryder Completes Acquisition of Cardinal Logistics