GREENEVILLE: Forward Air Corporation (NASDAQ: FWRD) has entered into an agreement to acquire the assets of Land Air Express Inc., a privately held full service expedited LTL provider, for $56.5 million.
The transaction is expected to be funded from both cash on hand and the Company’s credit facility and is expected to close in January 2023.
Forward Air is executing a growth strategy that involves organic infrastructure investments, such as the ongoing LTL network expansion, as well as inorganic investments, including acquisitions of complementary businesses.
Land Air Express, headquartered in Bowling Green, Kentucky, offers a variety of services, including guaranteed, standard, exclusive, same day, hot shot and pickup and delivery. With approximately 270 employees and over 200 drivers (including company and leased capacity providers), Land Air Express operates in over 25 terminals across the United States.
Tom Schmitt, Chairman, President and CEO of Forward stated, “Our core LTL business is the key growth area for Forward and the purchase of Land Air Express is an important addition to our LTL growth opportunities. This acquisition will accelerate the expansion of our national terminal footprint, particularly in the middle part of the United States, and we believe it will strategically position us to better meet the current and future needs of customers.
Land Air Express is a high-performing team that shares our precision execution DNA and a strong commitment to collaboration with customers. We believe this acquisition will increase our capacity to provide customers with the industry leading on-time and damage-free service they demand. We are thrilled to welcome Land Air Express into the Forward family.”
Forward Air is a leading asset-light provider of transportation services across the United States, Canada and Mexico.