Business
Forward Air Acquires BarOle Trucking Company and TKI Intermodal, LLC
Acquisitions strengthen intermodal capabilities in a time of industry strain, quadrupling Forward Air’s Minnesota-based driver fleet and extending service
About this update from Forward Air Corporation
[{"type":"text","content":"\nAcquisitions strengthen intermodal capabilities in a time of industry strain, quadrupling Forward Air’s Minnesota-based driver fleet and extending service footprint.\n\n GREENEVILLE, Tenn.--(BUSINESS WIRE)--\nForward Air Corporation (NASDAQ: FWRD) (the “Company”, “Forward”, “we”, “our”, or “us”) 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. Our primary focus is to pursue accretive acquisitions that complement or expand the Expedited LTL division, while continuing to grow our intermodal segment with strategic acquisitions. As part of the inorganic growth strategy, Forward today announced that it has entered into two separate agreements to acquire the assets of BarOle Trucking, Inc. and the trucking-related assets of TKI Intermodal, LLC. These acquisitions are a part of the company’s strategy focused on infrastructure investment to advance intermodal transportation capabilities and market leadership, while also gaining additional storage yards, chassis, and drivers. The acquisitions are expected to add $25M in revenue for the company and more than 82 new employees, including 95 drivers -- quadrupling Forward’s total number of drivers in the Minneapolis Intermodal market.\n\n“The trucking and logistics industry is under unprecedented pressure, especially within the intermodal market, as we have seen higher demand than normal,” says Tom Schmitt, Chairman and CEO of Forward Air. “The acquisitions are a continuation of our business strategy, empowering us with the additional resources necessary to meet growing customer demand while driving efficiency, market expansion, and industry-leading career opportunities.”\n\nAs with all of Forward’s acquisitions in this space, the company was eager to seek BarOle, the largest intermodal carrier in the Twin Cities, and TKI, a Minneapolis-based freight shipping company that specializes in container drayage transportation and storage, due to their equal focus on quality service with cultures compatible with Forward Intermodal.\n\nThese acquisitions represent continued execution of Forward’s roll-up strategy in Intermodal, which began in 2014 with the acquisition of Central States Trucking. Both acquisitions will provide Forward with a...