H.I.G. Capital ("H.I.G."), a leading global alternative investment firm with $60 billion of capital under management, is pleased to announce the sale of its portfolio company, Cardinal Logistics ("Cardinal" or the "Company"), to Ryder System, Inc. ("Ryder") (NYSE:R).

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 ("DCC") offering allows customers to secure a dedicated fleet and drivers, servicing complex route structures across distribution centers, suppliers, and stores. Cardinal enhances operating efficiencies and delivers exceptional service to its customer base.

Since its acquisition of Cardinal in June 2019, H.I.G. collaborated with the management team to more than double the earnings of the business through investment in additional DCC sales resources, fleet upgrades and expansion, significant growth of the asset-light brokerage via new technology and new hires, and a strategic acquisition in last mile segment delivery.

Tom Hostetler, Cardinal's CEO, said, "We appreciate H.I.G.'s value-added partnership and investment in Cardinal. Together, we built a leading and differentiated transportation platform in the DCC segment. We are excited to join Ryder to build on this success."

Vin McLoughlin, Chairman of the Board of Cardinal, said, "Ryder's interest in the Company is a testament to the entire Cardinal team, our long-tenured customer relationships, and the investments we've made alongside H.I.G. over the past four years. Tom and I are thrilled for our team and the added service capabilities we will bring to our customers."

Ricky Stokes, Managing Director and Head of U.S. Lower Middle Market Private Equity at H.I.G., commented: "It has been a pleasure working with Tom, Vin, and the entire Cardinal team. The success of this transaction for Cardinal's management, H.I.G., and its investors is a direct result of the outstanding foundation at Cardinal and its focused execution of the growth plan."

Jonathan Fox, Managing Director at H.I.G. Capital, said, "Partnering with a best-in-class management team in an attractive market while leveraging H.I.G.'s resources generated a superior outcome for the Company and its stakeholders. We look forward to the continued success of Cardinal."

William Blair & Company acted as financial advisor to Cardinal, and McDermott Will & Emery LLP acted as legal counsel in connection with the transaction.

About Cardinal

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 offering provides fully outsourced solutions to customers seeking to lock in a 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 across 200 locations. The Company's scaled, nationwide platform includes a fleet of 2,900 power vehicles and more than 3,400 drivers.

About H.I.G. Capital

H.I.G. Capital is a leading global alternative investment firm with $60 billion of capital under management.* Based in Miami, and with offices in Atlanta, Boston, Chicago, Dallas, Los Angeles, New York, and San Francisco in the United States, as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, São Paulo, and Dubai, H.I.G. specializes in providing both debt and equity capital to middle market 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. also 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.
H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.

Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The Firm's current portfolio includes more than 100 companies with combined sales in excess of $53 billion. For more information, please refer to the H.I.G. website at hig.com.

* Based on total capital raised by H.I.G. Capital and its affiliates.

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