Forward Air Corporation Expands LTL Operations with Acquisition of Land Air Express
January 04 2023 - 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 its inorganic growth
strategy, Forward today announced that it has entered into an
agreement to acquire the assets of Land Air Express, Inc. (“Land
Air Express”), a privately held full service expedited LTL
provider, for $56.5 million. The transaction is expected to be
funded from both cash on hand and the Company’s credit facility and
is expected to close in January 2023.
Land Air Express, headquartered in Bowling Green, Kentucky,
offers a variety of services, including guaranteed, standard,
exclusive, same day, hot shot and pickup and delivery. With
approximately 270 employees and over 200 drivers (including company
and leased capacity providers), Land Air Express operates in over
25 terminals across the United States.
Tom Schmitt, Chairman, President and CEO of Forward stated, "Our
core LTL business is the key growth area for Forward and the
purchase of Land Air Express is an important addition to our LTL
growth opportunities. This acquisition will accelerate the
expansion of our national terminal footprint, particularly in the
middle part of the United States, and we believe it will
strategically position us to better meet the current and future
needs of customers. Land Air Express is a high-performing team that
shares our precision execution DNA and a strong commitment to
collaboration with customers. We believe this acquisition will
increase our capacity to provide customers with the industry
leading on-time and damage-free service they demand. We are
thrilled to welcome Land Air Express into the Forward family.”
Additional information regarding the acquisition of Land Air
Express is available online on the Investor Relations portion of
the Company’s website at ir.forwardaircorp.com.
About Forward Air Corporation
Forward Air is a leading asset-light provider of transportation
services across the United States, Canada and Mexico. 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. 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 Land Air Express, Inc. acquisition, growth
of the Company’s expedited business and strategic enhancements to
the Company’s network. 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 Land Air Express, Inc.
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/20230104005855/en/
Justin Moss - Forward Air JMoss@forwardair.com 404.362.8933
Forward Air (NASDAQ:FWRD)
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