Cardinal Logistics has been acquired by a consortium of long-term New Zealand investors, including several iwi commercial entities.
The logistics and distribution company has been sold to newly established Cardinal Logistics Holdings LP, ending founder Tony Gorton’s ownership of the business after 35 years.
Waatea News reports the investors include Raukawa Iwi Development Limited, Pare Hauraki Asset Holdings Limited, Te Ātiawa o Te Waka-a-Māui Holdings LP, Tama Asset Holding Company Limited and Rangitāne Holdings Limited.
New Zealand family investment offices are also involved, with the consortium reported to have around $1 billion in combined equity backing.
Cardinal chief executive Brendon Furness will remain in charge alongside the existing management team.
The new owners are expected to continue investing in technology, automation, people and growth.
Cardinal recently completed the second stage of its automated distribution centre at Drury, which the company says will become the largest third-party logistics automation site in the Southern Hemisphere once fully fitted out.
The investor consortium was brought together by Koau Capital Partners, which provides investment and management services to iwi and Māori organisations.
