Forward Air Expands Intermodal Drayage Offering with Acquisition of Chickasaw Container Services
November 07 2022 - 4:05PM
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 Chickasaw Container Services,
Inc. (“CCS”), a privately held intermodal drayage provider. The
transaction will be funded from cash on hand and is expected to
close in November 2022.
CCS has been in business for over 30 years with operating
terminals in Mobile, AL, and Memphis, TN. In addition to drayage
services, CCS also provides container storage and sales at both of
its locations. The acquisition of CCS allows Forward to expand
intermodal drayage operations in the Mobile market while bolstering
an already strong presence in the Memphis market.
Tom Schmitt, President, Chairman, and CEO stated, “Our
intermodal business has been a key growth area for Forward over the
past few years. Chickasaw Container Services boasts an experienced
team and shares our commitment to precision execution. We are
excited about this acquisition, as it gives us a second base of
operations in Memphis and allows us to expand in the high-value
Mobile market simultaneously – making Forward Intermodal a
formidable player in that region.”
About Forward Air Corporation
Forward Air is a leading asset-light provider of transportation
services across the United States and Canada. We provide expedited
less-than-truckload 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. Forward is a single resource for your shipping needs. 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 Chickasaw Container Services 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 Chickasaw Container Services 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/20221107005820/en/
Justin Moss - Forward Air JMoss@forwardair.com 404.362.8933
Forward Air (NASDAQ:FWRD)
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