Stoughton, MA., Jan 19, 2021 – Cardinal Logistics (“Cardinal”), a portfolio company of H.I.G. Capital (“H.I.G.”), announced the acquisition of NRX Logistics (“NRX” or the “Company”). Founded in 1997 and headquartered in Concord, NC, Cardinal is a leading provider of dedicated transportation and logistics services in North America. Cardinal’s dedicated contract carriage (“DCC”) offering provides fully outsourced solutions to customers seeking to lock in dedicated fleet and drivers and ensures exceptional service. Cardinal services complex route structures with scheduled pick-ups and deliveries across the supply chain for ~65 customers across ~170 locations. Cardinal’s scaled, nationwide platform includes a fleet of 10,000+ tractors/trailers and 3,200+ drivers. H.I.G., based in Miami, FL, is a leading global alternative investment firm with $43 billion of equity capital under management with a focus on the small cap and mid cap segments of the market.
NRX has been serving the final mile space since 1981. The Company is headquartered in Stoughton, MA and has over 30 operating facilities nationwide. The financial terms of the transaction were not disclosed. Tenney Group, an industry specialized M&A advisory firm, advised the seller.
The acquisition of NRX is highly strategic for Cardinal. Ricky Stokes, Managing Director of H.I.G., said, “We see great opportunity in the final mile space, and the NRX acquisition will allow Cardinal to accelerate its growth in this area.” Will O’Shea, Senior Vice President of Cardinal Logistics added, “NRX brings expertise and strong customer relationships in the furniture and appliance industries and several immediate growth opportunities. Our team is thrilled about this deal and what it means for our future as an industry leader.”
NRX was an early pioneer of outsource logistics management, specializing in transportation, warehousing, storage and fulfillment of furniture, electronics, appliances, fitness equipment, and more. NRX President, Geoff Chasin shared, “I love this business, this industry, and I want to see our people and customers continue to thrive. I am excited to partner with the Cardinal team and look forward to working together to do great things for years to come.” Chasin will stay on with Cardinal. Chasin has passionately served the National Home Delivery Association (NHDA) in a variety of leadership positions for many years. Moving forward, he expects to continue serving the interests of his industry peers through the NHDA.
Spencer Tenney, President and CEO of Tenney Group, shared “Many current challenges and opportunities within logistics tie to final mile delivery. Joining forces with proven, final mile specialists, like NRX, is allowing acquirers to capitalize on more market opportunities while reducing overall execution risks.” The sale of NRX is the third final mile deal for Tenney Group in the past twelve months (Freight Rite, Linn Star).
For more information on Cardinal Logistics visit, www.cardlog.com
Tenney Group is a merger and acquisition advisory firm that has been dedicated to the transportation and logistics industry since 1973. For more information, visit www.thetenneygroup.com.