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DWF advises on employee ownership of leading global logistics services provider

17 May 2023
DWF, the global provider of integrated legal and business services, has advised the company and management team on the sale of global logistics services provider Cardinal to its employees – making it the biggest employee-owned company of its kind in the world.

Founded in Salford in 1998, Cardinal is now an international logistics firm with over 40 offices, 6,000 clients and revenues exceeding £500m.

DWF's Corporate team advised the company and management team on the sale, led by Global Head of Corporate Frank Shephard alongside senior associate Matt Judge and associate Eleanor Chatterton. Tax advice was provided by Global Head of Tax & Private Capital, Jon Stevens and trust advice by Manchester partner, Christopher Noel. Banking advice was provided by Global Head of Finance & Restructuring, Iain Shurwood alongside director Alexander Szehidewicz and solicitor Lindsay Marca

Frank Shephard said: "Brian Hay and his team have built a fantastic business at Cardinal. Cardinal also has a great understanding of the importance of maintaining a business' culture and vision, and after supporting the business for over a decade, we are delighted to support The Cardinal Partnership on this exciting new phase of its journey. We have acted for a number of clients and assisted in their move towards employee ownership as a business model and it has been gratifying to draw on DWF's experience in the area to support The Cardinal Partnership's transition."  

Brian Hay, chief executive of The Cardinal Partnership, said: "I would like to thank the team at DWF for their support through this transaction, in particular Frank Shephard, Matt Judge and Eleanor Chatterton.   We have been guided by DWF as a business for more than a decade and their contribution throughout this process was exemplary and reassuring throughout.  We consider Frank and his colleagues to be part of our team and continue to be grateful for their commitment to our business."

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