Wednesday, February 13, 2013

Greatwide Logistics and Cardinal Logistics Complete Merger, Creating an Industry Leading Dedicated

Contract Carriage and Diversified Logistics Services Provider

Concord, NC – (February 13, 2013) – Greatwide Logistics Services, LLC (“Greatwide”) and Cardinal Logistics Management, Inc. (“Cardinal”) today announced the successful completion of a merger of the two companies, creating a market leading logistics organization offering a broad service platform with annual revenues in excess of $1 billion.

The combined company’s dedicated contract carriage and delivery division will have one of the largest, most diverse dedicated fleet operations in the country and will be uniquely positioned to provide industry leading capabilities for its customers with over $850M in annual revenue, 5,000 drivers, 125 operating locations and demonstrated expertise across multiple industries, including grocery, bulk food, retail, metals and building products. The combination of Cardinal’s expertise in high touch, final mile company truck dedicated solutions with Greatwide’s expertise deploying high service, flexible owner operator based dedicated solutions will create a compelling customer value proposition. In addition, the combined company will continue to offer customers highly customized, value-added irregular route truckload, less than truckload, full service freight brokerage, managed transportation, and warehousing services across the U.S. and Canada.

John Tague, Chairman and CEO of the combined company, said, “We are excited that this transaction creates an industry leading logistics company that is supported by a strong customer base, experienced management team, best in class company drivers and owner operators and a differentiated technology platform that enables creative, low cost solutions for our customers.”

Vin McLoughlin, the newly appointed Vice Chairman of the combined company, said, “Combining the strengths of Greatwide and Cardinal puts us in an excellent position to serve our customers and continue both companies’ history of providing industry-leading service.”

Will Manuel, Senior Managing Director of Centerbridge Partners, L.P. (“Centerbridge”), a leading investment firm and majority owner of the combined enterprise, commented, “We are very excited by this merger as it combines two highly complementary companies that together will be able to offer enhanced service capabilities to all of our customers.”

About Greatwide:

Greatwide Logistics Services is a Dallas, TX, based privately held third-party logistics provider serving the United States and Canada. Greatwide offers an integrated service platform to customers including dedicated, irregular route truckload, less than truckload services, full-service truckload brokerage, warehouse-based logistics and managed transportation services. Greatwide is the largest for hire provider of dedicated refrigerated transportation in the United States.

About Cardinal:

Headquartered in Concord, NC, Cardinal Logistics Management is one of the country’s leading dedicated transportation solution providers. Cardinal’s logistics experts work directly with clients to optimize their supply chains by developing and implementing customized transportation solutions including specialized equipment and handling, and integrated technology. Cardinal’s services include dedicated contract carriage, home and jobsite delivery, life sciences logistics, bulk transport, transportation management, supply chain consulting, SaaS solutions, warehousing and distribution.

About Centerbridge:

Centerbridge Partners, L.P. is a private investment firm headquartered in New York City with approximately $20 billion in capital under management. The firm focuses on private equity and credit investments. The firm is dedicated to partnering with world-class management teams across targeted industry sectors to help companies achieve their operating and financial objectives.