Vin McLoughlin, Cardinal chairman, said "With the successful completion of this transaction, Cardinal is now better positioned than ever to serve our customers and continue our consistent long-term track record of strong, sustainable growth. The transaction also represents the start of an exciting new chapter in Cardinal's history with the partnership and financial backing of Centerbridge."

Cardinal CEO Tom Hostetler said, "This transaction represents an important step forward in Cardinal's history as it will provide us with significant financial flexibility and the benefits of a strategic partnership with Centerbridge. We remain as committed as ever to long-term value creation for Cardinal's customers, employees, shareholders, and communities."

Will Manuel, senior managing director of Centerbridge, said, "We are very excited to be partnering with such a strong leadership team and organization as we work together to realize 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."

Headquartered in Concord, N.C., Cardinal's services include dedicated contract carriage, home and job-site delivery, life sciences logistics, bulk transport, transportation management, supply chain consulting, SaaS solutions, warehousing and distribution.

Centerbridge Partners is headquartered in New York City with approximately $20bn in capital under management.

Source: Centerbridge Partners L.P.