Forward Air Acquires Value Logistics, Inc. to Bolster Intermodal Drayage Offering
October 05 2020 - 4:30PM
Business Wire
Forward Air Corporation (NASDAQ: FWRD) (the “Company” or
“Forward”) is executing a growth strategy that involves organic
infrastructure investments, such as the ongoing LTL network
expansion, as well as inorganic investments, including acquisitions
of complementary businesses. As part of the inorganic growth
strategy, Forward today announced that it has entered into an
agreement to acquire the assets of Value Logistics, Inc. (“Value
Logistics”), a privately held intermodal drayage provider for $2.25
million. Value Logistics generates approximately $6 million in
annual revenue. The transaction will be funded from cash on hand
and will close in October 2020.
Headquartered in Memphis, Tenn., Value Logistics has been in
business since 1996. Since then, the company has shown steady
growth and currently operates with 20 employees and approximately
30 independent contractors.
The acquisition of Value Logistics makes Forward a leading
provider of intermodal drayage in the Memphis market, a key
expansion in the Company’s strategic growth plan.
Tom Schmitt, President, Chairman and CEO stated, "The Value
Logistics team is an exceptional and highly-experienced group
running a first-class organization – and they will fit in perfectly
with Forward’s precision execution DNA. With this acquisition, we
are able to expand and strengthen our current operations in Memphis
and solidify Forward Intermodal as a key player in the region.”
About Forward Air Corporation
Forward Air Corporation (NASDAQ: FWRD) is a leading asset-light
freight and logistics company. We provide LTL, final mile,
truckload, intermodal drayage and pool distribution services across
the United States and in Canada. Headquartered in Greeneville,
Tennessee, Forward operates approximately 200 facilities across the
country and employs more than 5,200 people nationwide. We are more
than a transportation company. As a single resource for your
shipping needs, Forward is your supply chain partner. For more
information, visit our website at www.forwardaircorp.com.
This press release may contain statements that might be
considered as forward-looking statements or predictions of future
operations including with respect to the expected funding and
timing of closing of the Value Logistics acquisition, growth of the
Company’s intermodal business and strategic enhancements to the
Company’s intermodal business. Such statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995 and are based on management’s belief or
interpretation of information currently available. These statements
and assumptions involve certain risks and uncertainties including
that the conditions to closing are not met and the closing is
delayed or never occurs, that the performance of the Value
Logistics business post-closing is worse than anticipated and that
the Company is not able to achieve the planned synergies. Actual
events may also differ from these expectations as a result of the
risks identified from time to time in our filings with the
Securities and Exchange Commission. You should consider the
forward-looking statement contained herein in light of such risks.
We assume no duty to update these statements as of any future
date.
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version on businesswire.com: https://www.businesswire.com/news/home/20201005005781/en/
Justin Moss, 404-362-2472 jmoss@forwardair.com
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