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Concord, N.C. -- March 11, 2003 -- Cardinal Logistics Management (Cardinal), the privately held provider of dedicated and delivery
transportation services, today announced the amendment and extension
of its Senior Credit Facility with Fleet Capital Corporation and
Transamerica Business Capital Corporation. The lenders are providing
a new equipment acquisition loan and an extension of the current
banking agreement to January 31, 2006 with terms to support the
continuation of Cardinal’s market-leading growth track.
From its start in 1997 with the purchase of truckload common carrier
Cardinal Freight, Cardinal has experienced explosive demand for
its dedicated and delivery product lines. Revenues in 2002 were
up more than 20% versus 2001. Operating margin and Earnings before
Interest, Taxes, Depreciation and Amortization (EBITDA) both increased
by about 80% versus 2001 which was impacted by a large volume of
new account start ups. The growth of the dedicated and delivery
business has more than offset the decrease from the sale of the
van division to Swift Transportation in early 2001.
“We have a great customer base of market-leading companies,
like The Home Depot, Office Depot, and 7-Eleven, and this gives
us additional flexibility to create efficient solutions that support
their strategies and growth targets,” stated Tom Hostetler,
Cardinal’s CEO. “We’ve always been a reliable
partner, and the new financing agreement adds to our financial
strength.”
“
We are extremely pleased with Cardinal’s performance in growing
the business profitably and we think the market for outsourced,
specialized, high-intensity local fleet operations will continue
to enjoy significant growth. Cardinal’s innovative capabilities
and national infrastructure are ideally suited to create value
for its clients in that arena.” said Dave Donnini, member
of Cardinal's Board of Directors and Principal of GTCR Golder Rauner
LLC.
About GTCR
GTCR is one of the oldest and most successful private equity firms
in the country. Founded in 1980, GTCR pioneered the strategy
of identifying and partnering with outstanding executives to
build leading companies. This strategy has proven exceptionally
enduring, as illustrated by successful investments in more than
150 companies in a wide variety of industries over the last 20
years. For more information, see www.gtcr.com.
About Cardinal Logistics Management Corporation
Headquartered in Concord, N.C., Cardinal 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, transportation management, supply chain consulting, warehousing and distribution for companies like AutoZone, Eastman Kodak Company, KraftMaid Cabinetry and Office Depot.
Amanda Pelfrey
Marketing Manager
Cardinal Logistics Management Corporation
1000 Old Roswell Lakes Parkway, Suite 300
Roswell, GA 30076
770-993-5662 x32
apelfrey@cardlog.com
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