Forward Air Acquires Edgmon Trucking to Grow West Coast Intermodal Drayage Operations
May 09 2022 - 8:48AM
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, and 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 Edgmon Trucking, LLC (“Edgmon Trucking”), a
privately held intermodal drayage provider that generates
approximately $22 million in annual revenue. The transaction will
be funded from cash on hand and is expected to close in May,
2022.
Headquartered in Kent, Washington, Edgmon Trucking has been
managed by the current ownership group since 2015. The company
currently operates a terminal in Kent and a yard in Seattle,
servicing both the Port of Seattle and the Port of Tacoma. Edgmon
Trucking services its business with approximately 70 trucks,
predominantly operated by independent contractors, and a staff of
21 employees.
The acquisition of Edgmon Trucking marks the first West Coast
location for Forward’s intermodal business – a key expansion area
in the Company’s strategic growth plan.
Tom Schmitt, President, Chairman and CEO stated, “Bringing in
Edgmon Trucking marks our commitment to meeting customer demand by
increasing our intermodal drayage capabilities within the region.
Over the past 12 months, we’ve been focused on the strategic
expansion of our network and operations across our intermodal and
LTL businesses – and we are not done yet.”
About Forward Air Corporation
Forward Air Corporation (NASDAQ: FWRD) is a leading asset-light
freight and logistics company that provides services across the
United States and Canada. We provide expedited less-than-truckload
(“LTL”) services, including local pick-up and delivery, shipment
consolidation/deconsolidation, warehousing, and customs brokerage
by utilizing a comprehensive national network of terminals. In
addition, we offer final mile services, including delivery of
heavy-bulky freight, truckload brokerage services, including
dedicated fleet services; and intermodal, first-and last-mile,
high-value drayage services, both to and from seaports and
railheads, dedicated contract and Container Freight Station
warehouse and handling services. 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 Edgmon Trucking acquisition, growth of the
Company’s intermodal business, the financial performance of Edgmon
and its annual contribution to the Company’s 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 Edgmon Trucking 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/20220509005586/en/
Justin Moss - Forward Air JMoss@forwardair.com 404.362.8933
Forward Air (NASDAQ:FWRD)
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