Toggling between organic and inorganic initiatives, Forward Air (NASDAQ: FWRD) continues to make acquisitions and announce service offering expansions. On Monday, the Greeneville, Tennessee-based trucking company added another tally mark to the inorganic column, acquiring intermodal drayage outfit Value Logistics.
Founded in 1996 and based in Memphis, Tennessee, Value Logistics is a privately held drayage provider with 20 employees and 30 independent contractors, generating approximately $6 million in revenue annually.
The $2.25 million transaction will be funded with cash and is expected to close during October.
“The Value Logistics team is an exceptional and highly-experienced group running a first-class organization — and they will fit in perfectly with Forward’s precision execution DNA. With this acquisition, we are able to expand and strengthen our current operations in Memphis and solidify Forward Intermodal as a key player in the region,” stated Forward President, Chairman and CEO Tom Schmitt in a press release.
On the second-quarter earnings call, Schmitt said the company had implemented a no-wait approach to acquisitions and organic investments.
In September, Forward announced the acquisition of final-mile delivery company CLW Delivery Inc. in a $5.5 million deal. In July, Forward announced it was expanding its airport-to-airport less-than-truckload (LTL) model to include traditional LTL service. The original plan was to offer the new service out of its existing final-mile facility in Savannah, Georgia. However, those plans were quickly accelerated with the announcement last week that it would be offering the new LTL service out of its Columbia, Missouri, and Roanoke, Virginia, final-mile facilities.
Brokerage Compliance Symposium
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
F3 Awards Dinner
The night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
F3: Future of Freight Festival
Industry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowThe night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowIndustry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now