Business
Forward Air Acquires Proficient Transport, Inc. to Expand Intermodal Drayage Offering
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 its 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 Proficient Transport Incorporated and Proficient Trucking, Inc. (together “Proficient Transport”) for $15 million. Proficient Transport is a privately held intermodal drayage provider that generates approximately $23 million in annual revenue. The transaction will be funded from cash on hand and is expected to close in February 2021.\n\nHeadquartered in Chicago, Ill., Proficient Transport has been in business since 2004. Since then, the company has shown continuous growth and currently operates with 32 employees and approximately 130 independent contractors. This acquisition expands Forward’s Intermodal presence in Atlanta, Charlotte, Chicago, and Dallas while introducing Columbus, Ohio into the footprint.\n\nForward Intermodal is a top-ten provider of intermodal drayage in the United States.\n\nTom Schmitt, President, Chairman and CEO stated, \"Proficient Transport has a reputation for first-class service and precision execution – a perfect match for our Forward DNA.”\n\nAbout Forward Air Corporation\n\nForward Air Corporation (NASDAQ: FWRD) is a leading asset-light freight and logistics company. We provide LTL, final mile, truckload, intermodal drayage and pool distribution services across the United States and in Canada. Headquartered in Greeneville, Tennessee, Forward operates approximately 200 facilities across the country and employs more than 5,200 people nationwide. 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.\n\nThis 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 Proficient Transport acquisition, growth of the Company’s intermodal business and strategic enhancements to the Company’...