Forward Air Announces Sale of Pool Distribution Business
February 12 2021 - 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 its ongoing LTL network
expansion, as well as inorganic investments, including acquisitions
of complementary businesses. Forward today announced the sale of
its Pool Distribution business to Ten Oaks Group for an estimated
total consideration of $20 million, consisting of $8 million
upfront cash payment and up to a $12 million earnout based on 2021
revenue attainment.
Scott Schara, Chief Commercial Officer stated, “Divesting our
Pool Distribution business will allow us to invest further in our
core businesses. With Ten Oaks Group, we’ve found a partner who
will be laser-focused on taking the Pool Distribution business to
the next level. This is truly a win for Forward, our Pool team, our
customers and for Ten Oaks Group.”
Elizabeth Magan, a Ten Oaks Operating Partner who will serve as
Chairman of the standalone company, stated, “Ten Oaks Group is
thrilled to add the Pool Distribution business to its holdings. We
see significant upside potential for the company and look forward
to partnering with current management to execute initiatives we
believe can drive profitable growth.”
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 of the
Pool Distribution business sale. 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 earnout projection post-closing is worse than anticipated.
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/20210212005529/en/
Justin Moss jmoss@forwardair.com 404-362-2472
Forward Air (NASDAQ:FWRD)
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