Forward Air Acquires Proficient Transport, Inc. to Expand Intermodal Drayage Offering
February 12 2021 - 9:00AM
Business Wire
Forward Air Corporation (NASDAQ: FWRD) (the “Company” or
“Forward”) is executing a growth strategy that involves organic
infrastructure investments, such as its 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 Proficient Transport
Incorporated and Proficient Trucking, Inc. (together “Proficient
Transport”) for $15 million. Proficient Transport is a privately
held intermodal drayage provider that generates approximately $23
million in annual revenue. The transaction will be funded from cash
on hand and is expected to close in February 2021.
Headquartered in Chicago, Ill., Proficient Transport has been in
business since 2004. Since then, the company has shown continuous
growth and currently operates with 32 employees and approximately
130 independent contractors. This acquisition expands Forward’s
Intermodal presence in Atlanta, Charlotte, Chicago, and Dallas
while introducing Columbus, Ohio into the footprint.
Forward Intermodal is a top-ten provider of intermodal drayage
in the United States.
Tom Schmitt, President, Chairman and CEO stated, "Proficient
Transport has a reputation for first-class service and precision
execution – a perfect match for our Forward DNA.”
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 Proficient Transport 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
Proficient Transport 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/20210212005056/en/
Justin Moss jmoss@forwardair.com 404-362-2472
Forward Air (NASDAQ:FWRD)
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