Business
Forward Air to Combine with Omni Logistics, Creating the Category Leader in Expedited LTL Market
Further Strengthens Forward’s Status as an LTL Provider of Choice to Expedited Freight Customers Combines Complementary Service Offerings of Two Businesses
About this update from Forward Air Corporation
[{"type":"text","content":"\nFurther Strengthens Forward’s Status as an LTL Provider of Choice to Expedited Freight Customers\n\n\nCombines Complementary Service Offerings of Two Businesses with Proven Track Records\n\n\nOmni Team, Customer Base, and Commercial Engine to Accelerate Forward’s Long-Term Growth Potential\n\n\nDelivers Meaningful Cash EPS Accretion with an Opportunity to Achieve up to $125 Million in Run-Rate EBITDA Synergies Through Cost Savings and Revenue Enhancement\n\n\nStrong Cash Flow Generation Provides Flexibility for Rapid De-Leveraging and Continued Dividend Payments to Forward Shareholders\n\n\nCompanies to Host Conference Call Today at 9:30 a.m. ET to Discuss Transaction\n\n\n GREENEVILLE, Tenn., & DALLAS--(BUSINESS WIRE)--\nForward Air Corporation (NASDAQ: FWRD) (“Forward”) and Omni Logistics, LLC (“Omni”), a private company that is majority owned by Ridgemont Equity Partners (“Ridgemont”) and EVE Partners, LLC (“EVE”), today announced that they have entered into a definitive agreement under which Forward and Omni will combine in a cash-and-stock transaction, creating a combined company that generated approximately $3.7 billion of combined company adjusted revenue for the twelve months ended June 30, 2023. Under the terms of the agreement, Omni shareholders will receive $150 million in cash and Forward common stock and preferred stock as described below.\n\n\nOmni, headquartered in Dallas, Texas, is an asset-light, high-touch logistics and supply chain management company with deep customer relationships in high-growth end markets. Omni delivers domestic and international freight forwarding, fulfillment services, customs brokerage, distribution, and value-added services for time-sensitive freight to U.S.-based customers operating both domestically and internationally.\n\n\nThe combination of Forward and Omni creates a scaled, premier, high-value, less-than-truckload (“LTL”) enterprise focused on providing customers with multimodal solutions for complex, high-service, and high-value freight needs. The combined company will be a provider of choice and expects to compete for an increasing share of high-quality freight transportation amidst a dynamic market in which customers are seeking a more reliable LTL solution. The combined company will also benefit from a meaningfully enhanced financial profile, with higher growth and signific...