Forward Air Announces Sale of Final Mile Business
December 20 2023 - 3:08PM
Business Wire
Forward Air Corporation (NASDAQ: FWRD) (the “Company” or
“Forward”) is pleased to announce the sale of its Final Mile
business to Hub Group, Inc. for an estimated total cash
consideration of $262 million. For the twelve months ended
September 30, 2023, Final Mile generated approximately $289 million
in revenue. Final Mile has approximately 45 locations and more than
640 employees that will transfer to Hub Group, Inc.
Tom Schmitt, Chairman, President, and CEO said, “Our Final Mile
business grew revenue over 150% since inception in 2019 and
returned significant value to Forward’s employees, customers and
shareholders. We are pleased the Final Mile team has joined a
first-class company and team of people. Corporate clarity remains a
top priority as we enter the next phase of our Grow Forward
strategy.”
Phil Yeager, President and CEO of Hub Group, stated, “We are
excited to welcome the Forward Final Mile team to Hub Group.
Through this transaction, we will continue to grow our non-asset
logistics segment and deepen our value to our customers through the
addition of this excellent team and their best-in-class appliance
capabilities.”
Carlton Fields served as legal counsel and Jewell Advisory Group
served as M&A advisor to the Company in connection with the
transaction.
About Forward Air Corporation
Forward Air is a leading asset-light provider of transportation
services across the United States, Canada and Mexico. We provide
expedited less-than-truckload 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 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. We are more than a transportation
company. Forward is a single resource for your shipping needs. For
more information, visit our website at www.forwardaircorp.com.
This press release may contain statements that might be
considered as forward-looking statements or predictions of future
operations including with respect to the Company’s expectations
regarding its revenue growth strategy. Such statements are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 and are based on management’s belief
or interpretation of information currently available. These
statements and assumptions involve certain risks and uncertainties
including that the Company is not able to execute its Grow Forward
Strategy. Actual events may also differ from these expectations as
a result of the risks identified from time to time in our filings
with the Securities and Exchange Commission. You should consider
the forward-looking statement contained herein in light of such
risks. We assume no duty to update these statements as of any
future date.
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version on businesswire.com: https://www.businesswire.com/news/home/20231220558190/en/
MEDIA: Justin Moss - Forward Air JMoss@forwardair.com
404.362.8933
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