GREENEVILLE: Forward Air Corporation (NASDAQ: FWRD) has entered into an settlement to acquire the assets of Land Air Express Inc., a privately held full service expedited LTL provider, for $56.5 million.
The transaction is anticipated to be funded from each money on hand and the Company’s credit score facility and is anticipated to shut in January 2023.
Forward Air is executing a growth technique that involves natural infrastructure investments, such because the ongoing LTL community expansion, in addition to inorganic investments, together with acquisitions of complementary businesses.
Land Air Express, headquartered in Bowling Green, Kentucky, offers a number of services, together with guaranteed, standard, exclusive, same day, hot shot and pickup and delivery. With roughly 270 employees and over 200 drivers (including firm and leased capability providers), Land Air Express operates in over 25 terminals throughout the United States.
Tom Schmitt, Chairman, President and CEO of Forward stated, “Our core LTL enterprise is the important thing growth space for Forward and the acquisition of Land Air Express is an important addition to our LTL growth opportunities. This acquisition will speed up the expansion of our nationwide terminal footprint, particularly within the center a half of the United States, and we believe it will strategically place us to higher meet the present and future wants of customers.
Land Air Express is a high-performing team that shares our precision execution DNA and a strong dedication to collaboration with customers. We believe this acquisition will increase our capability to present customers with the industry main on-time and damage-free service they demand. We are thrilled to welcome Land Air Express into the Forward family.”
Forward Air is a number one asset-light supplier of transportation services throughout the United States, Canada and Mexico.