Business
Forward Air Acquires Edgmon Trucking to Grow West Coast Intermodal Drayage Operations
GREENEVILLE, Tenn.--(BUSINESS WIRE)-- Forward Air Corporation (NASDAQ: FWRD) (the “Company” or “Forward”) is executing a growth strategy that involves
About this update from Forward Air Corporation
[{"type":"text","content":" GREENEVILLE, Tenn.--(BUSINESS WIRE)--\nForward 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.\n\nHeadquartered 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.\n\nThe 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.\n\nTom 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.”\n\nAbout Forward Air Corporation\n\nForward 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....