Although financial details of the transaction were not disclosed, Centerbridge said the deal had wiped the debt from Cardinal’s balance sheet.
The haulage and supply chain company provides bulk, home and jobsite transpiration services and also works in specialist sectors such as life sciences, temperature-controlled deliveries and warehousing.
Centerbridge senior managing director Will Manuel, said, “Vin, Tom, Jerry Bowman, and the rest of the Cardinal team have done an exceptional job building and leading Cardinal since the Company’s founding 15 years ago.
“We are very excited to be partnering with such a strong leadership team and organization as we work together to realise the many growth opportunities before us.
“We are acquiring the business with no debt on the balance sheet in order to ensure maximum financial and operating flexibility.”
Cardinal was advised by law firm Kirkland & Ellis LLP financial advisor Lazard, while Centerbridge was advised by law firm Latham & Watkins.
Centerbridge also recently became the majority owner of waste and recycling equipment maker Wastequip following a recapitalisation in June.
the firm is currently investing from the $4.4bn buyout fund it closed in August 2011 thanks to commitments from the California State Teachers’ Retirement System, New York Life Insurance Company and State of Wisconsin Investment Board.
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