Manchester-based Cardinal Global Logistics has become the biggest employee-owned company of its kind in the world.
Launched in Eccles in 1998 with a £15,000 business loan, Cardinal has expanded into 40 offices, 6,000 clients and revenues exceeding £500m.
The company is celebrating its 25th anniversary by joining the growing number of national employee-owned businesses, meaning every member of staff now gets to share in the profits that the company generates each year.
In addition to financial benefits, employees will have input regarding the direction of the Cardinal Partnership, helping to shape its future.
The Cardinal Partnership merges two brands, Far Logistics and Cardinal Global Logistics, and the group has earned recognition in the logistics sector for its tech-powered approach.
Brian Hay, CEO of The Cardinal Partnership, said: “Our decision to become an employee-owned business will be transformational. We believe that excellence and dedication should be rewarded, and we have some of the most talented operators in our industry.
“During our first 25 years as a business, we have been able to take the company from a £15,000 investment to one of the UK’s most respected and sizable logistics businesses. Undoubtedly, this transition will allow us to take our business to the next level and I’m looking forward to what’s to come.”
Cardinal worked with an investment banking company, Houlihan Lokey, to pursue a liquidity event for shareholders when establishing its employee ownership trust.
Gareth Owen, capital markets director at Houlihan Lokey, said: “Cardinal is a high-quality logistics services provider, providing reliable, market-leading service to its clients on a global basis. The company is a great example of delivering strong growth whilst maintaining its core values.
“We have thoroughly enjoyed working closely with management on this transformational step in its history, and look forward to watching the next phase of their journey.”
Cardinal provides services for highly-engineered supply chain solutions, consolidation, contract logistics, 3PL, internet fulfilment, global forwarding and a range of other bespoke solutions.
The company serves more than 6,000 clients with an integrated network serving over 500 ports and airports. Its clients work in various sectors including manufacturing, retail, e-commerce, industrial, technology, aerospace and chemicals.
Cardinal’s head office is located in Manchester and has expanded around the world, including Hong Kong, South Africa and Shanghai.