Latest news with #ForwardAir
Business Wire
5 hours ago
- Business
- Business Wire
Forward Air Announces Expanded Partnership With Leader in Package Delivery Services
GREENEVILLE, Tenn.--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ: FWRD) ('we,' 'us,' 'our,' the 'Company' or 'Forward Air') announced today that it has secured a substantial award from a leader in the package delivery services industry. As part of the new award, Forward Air expects to transport more than 15,000 expedited full truckload shipments across its customer's national network on an annual basis. This award is expected to increase revenue substantially on a year-over-year basis with this renowned customer – a testament to Forward Air's exceptional service, support, and solutions. 'We are incredibly proud to build this level of trust with our customers,' said Eric Brandt, Chief Commercial Officer of Forward Air. 'It simply wouldn't be possible without a fully committed team that's focused on understanding our customers and delivering solutions. We are thrilled to continue growing this partnership through 2025 and beyond.' About Forward Air 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. Forward Air also operates a full portfolio of multimodal solutions, both domestically and internationally, via Omni Logistics. Omni Logistics is a global provider of air, ocean and ground services for mission-critical freight. We are more than a transportation company. Forward Air is a single resource for your shipping needs. For more information, visit our website at Note Regarding Forward-Looking Statements This press release contains 'forward-looking statements' within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: 'anticipate,' 'intend,' 'plan,' 'goal,' 'seek,' 'believe,' 'project,' 'estimate,' 'expect,' 'strategy,' 'future,' 'likely,' 'may,' 'should,' 'will' and similar references to future periods. Forward-looking statements included in this communication relate to the Company's expectations regarding the impact of the new agreement on the Company's truckload shipment volume and future revenue. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. The following is a list of factors, among others, that could cause actual results to differ materially from those contemplated by the forward-looking statements: economic factors such as recently imposed tariffs and potential escalation from trading partners; the risks associated with the uncertainty surrounding trade policy, including the extent to which increased tariffs will affect the Company's operations and strategic plan; risks associated with the Company's limited visibility to the impact of tariffs on third-party shipments; recessions, inflation, higher interest rates and downturns in customer business cycles; continued weakening of the freight environment; the creditworthiness of our customers and their ability to pay for services rendered; the availability and compensation of qualified Leased Capacity Providers and freight handlers as well as contracted, third-party carriers needed to serve our customers' transportation needs; our inability to manage our information systems and inability of our information systems to handle an increased volume of freight moving through our network; the occurrence of cybersecurity risks and events; market acceptance of our service offerings; claims for property damage, personal injuries or workers' compensation; enforcement of and changes in governmental regulations, environmental, tax, insurance and accounting matters; the handling of hazardous materials; changes in fuel prices; increasing competition, and pricing pressure; our dependence on our senior management team and the potential effects of changes in employee status; seasonal trends and the occurrence of certain weather events; restrictions in our charter and bylaws and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2024, and as may be identified in our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. We caution readers that any forward-looking statement made by us in this communication is based only on information currently available to us and they should not place undue reliance on these forward-looking statements, which reflect management's opinion as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise unless required by law.
Yahoo
a day ago
- Business
- Yahoo
Private equity bids for Forward Air rolling in, report says
Shares of Forward Air were up 10% in late-day trading on Wednesday following a Reuters report that 'a handful of private equity firms' have submitted bids to acquire the trucking and logistics company. Potential buyers were reported to include Clearlake Capital, which holds a 13% stake in the company. Also, buyout firms, including Apollo Global Management (NASDAQ: APO) were reported to have submitted bids. Activist investors have pushed Forward Air (NASDAQ: FWRD) to entertain a sale or other strategic alternatives following its heavily contested merger with Omni Logistics. That deal, which was announced in August 2023, was quickly panned by shareholders as well as some of Forward's legacy customers. Forward's shareholders took issue with the way the transaction was structured as it circumvented their vote. They also had concerns that the deal placed a large debt burden on Forward (a 5.3 times net debt leverage ratio at the end of the 2025 first quarter) and gave Omni's private equity backers voting control. The merger eventually closed in January 2024 after months of litigation, including efforts from Forward to get out of the deal. Forward announced a strategic review earlier this year, but activists said that was too late and claimed the company was 'slow-walking' the process after months of pressure. Activists were successful in forcing three directors – who they blamed for 'massive value destruction' as a result of the ill-conceived merger – to resign from the board last month. The departing board members included Chairman George Mayes, who was voted out by shareholders at the company's annual election. At the same election, shareholders approved the company's reincorporation to Delaware, which may make it easier to sell given the state's favorable corporate governance policies. Forward's stock traded at $110 per share before the deal was announced in 2023. Shares slumped more than 40% in the months following the announcement, later cratering further once the deal closed in early 2024. The stock gapped below $10 shortly after Liberation Day tariffs were announced in April, but has steadily stepped higher in recent weeks as takeout speculation has ramped. Shares stood at $30.60 late in the session on Wednesday. Analysts and investors have told FreightWaves that shares of Forward could be valued at $40, or higher, in a takeout scenario. The back-of-the-envelope math assumes a low-double-digit multiple on the company's roughly $300 million in annual earnings before interest, taxes, depreciation and amortization. Backing out roughly $1.6 billion of net debt from a more than $3 billion enterprise value leaves equity value somewhere between $1.5 billion and $2 billion. (The company has roughly 42 million shares on a fully diluted basis.) Forward is scheduled to release second-quarter results on Aug. 11. FreightWaves has reached out to Forward Air for comment. More FreightWaves articles by Todd Maiden: FedEx Freight gives shippers 'more time' to adjust to new LTL class rules New LTL freight class rules take effect on Saturday ArcBest CEO Judy McReynolds to retire The post Private equity bids for Forward Air rolling in, report says appeared first on FreightWaves.
Yahoo
a day ago
- Business
- Yahoo
Private equity firms including Clearlake have bid for Forward Air, sources say
By Svea Herbst-Bayliss and Abigail Summerville NEW YORK (Reuters) -A handful of private equity firms, including Clearlake Capital, Platinum Equity and EQT, have submitted bids to buy Forward Air, three sources familiar with the matter said, as the process to sell the U.S. trucker picks up speed. Forward Air, which specializes in moving hauls which do not take up a full truckload, signaled to investors it wants the strategic alternatives review it announced in January to be wrapped up in a few weeks, possibly around the time the company is expected to release earnings on August 11. Sources said buyout firms Apollo Global Management and AIP have also made bids to buy Forward Air. It could not be immediately learned what the bidders were offering to pay, the sources said. Representatives for Forward Air and AIP declined to comment. Clearlake, Apollo, Platinum and EQT did not immediately respond to requests for comment. The sources spoke on the condition of anonymity to discuss the private talks, and cautioned no deal is guaranteed and other bidders could still emerge. In June, Reuters reported that Apollo and Blackstone, as well as Platinum and Clearlake, had expressed interest in bidding for the company, signing confidentiality agreements in order to review documents that would help inform their decisions. Greeneville, Tennessee-based Forward Air's share price has tumbled roughly 75% since the company said two years ago it would acquire Omni Logistics, a deal that closed in early 2024. But it has jumped 27% over the last month, pushed by expectations the company will eventually be sold. It traded at $28.14 on Wednesday. The company is currently valued at $855 million, but on a fully diluted basis, including net debt, analysts said the company's enterprise value is closer to $3 billion. Frustrated by the unpopular acquisition, several investors last year began pushing for a sale of the company, which was officially announced in January. Ancora Holdings, which owns 4% of the company, in May sought to speed up the process by pushing for the removal of three long-serving directors it blamed for signing off on the Omni deal and stalling the sales process. The directors resigned soon after the company's annual meeting. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
a day ago
- Business
- Reuters
Private equity firms including Clearlake have bid for Forward Air, sources say
NEW YORK, July 23 (Reuters) - A handful of private equity firms, including Clearlake Capital, Platinum Equity and EQT, have submitted bids to buy Forward Air (FWRD.O), opens new tab, three sources familiar with the matter said, as the process to sell the U.S. trucker picks up speed. Forward Air, which specializes in moving hauls which do not take up a full truckload, signaled to investors it wants the strategic alternatives review it announced in January to be wrapped up in a few weeks, possibly around the time the company is expected to release earnings on August 11. Sources said buyout firms Apollo Global Management (APO.N), opens new tab and AIP have also made bids to buy Forward Air. It could not be immediately learned what the bidders were offering to pay, the sources said. Representatives for Forward Air and AIP declined to comment. Clearlake, Apollo, Platinum and EQT did not immediately respond to requests for comment. The sources spoke on the condition of anonymity to discuss the private talks, and cautioned no deal is guaranteed and other bidders could still emerge. In June, Reuters reported that Apollo and Blackstone (BX.N), opens new tab, as well as Platinum and Clearlake, had expressed interest in bidding for the company, signing confidentiality agreements in order to review documents that would help inform their decisions. Greeneville, Tennessee-based Forward Air's share price has tumbled roughly 75% since the company said two years ago it would acquire Omni Logistics, a deal that closed in early 2024. But it has jumped 27% over the last month, pushed by expectations the company will eventually be sold. It traded at $28.14 on Wednesday. The company is currently valued at $855 million, but on a fully diluted basis, including net debt, analysts said the company's enterprise value is closer to $3 billion. Frustrated by the unpopular acquisition, several investors last year began pushing for a sale of the company, which was officially announced in January. Ancora Holdings, which owns 4% of the company, in May sought to speed up the process by pushing for the removal of three long-serving directors it blamed for signing off on the Omni deal and stalling the sales process. The directors resigned soon after the company's annual meeting.
Yahoo
20-06-2025
- Business
- Yahoo
$10B Trump-Approved ‘Green Corridors' Project to Drive Efficiency in US-Mexico Trade
The Trump administration has given the green light to a $10 billion infrastructure project designed to alleviate backups at the most heavily trafficked border crossing between the U.S. and Mexico. The president this month signed a presidential permit for Austin, Tex.-based Green Corridors, a freight transportation provider intent on building a 165-mile elevated 'guideway' that will ferry automated, freight-laden shuttles between Laredo, Tex., and Monterrey, Mexico. More from Sourcing Journal Forward Air Chairman Ousted, Potential Sale Appears in View Byte-Sized AI: Perfect Corp. and Nvidia Team Up; LuminX Gets Seed Round Chain Reaction: Dispatch Science CEO Arthur Axelrad on Turning Logistics into a 'Customer Experience Engine' According to the company, the Green Corridors Intelligent Freight Transportation System (GC-IFTS) will help reduce congestion by bypassing areas beset by gridlock—an issue that has had marked ramifications for shippers and importers. In 2019, $2 billion in U.S.-Mexico GDP was sacrificed to shipment slowdowns, as truck wait times at the country's busiest commercial bridges can be lengthy. If the issue persists unaddressed, the losses could mount to more than $100 billion by 2050, the company estimated. Tackling the problem will involve the construction of two cross-border terminals in Laredo and two in Monterrey, measuring around 100 acres apiece. Trailers will be moved via autonomous shuttles that run on both diesel and electricity and picked up by truckers at the end of the proverbial road to continue their journeys into the U.S. or Mexico. The system will have both economical and ecological upsides, the company said. The freight shuttles' hybrid propulsion system reduces emissions by 75 percent compared to diesel trucking, while also substantially slashing the cost of moving freight compared to conventional options. The terminals, too, will be equipped with solar arrays, regenerative cranes and hybridized power, and automated operations will allow the the GC-IFTS to run 24/7. Green Corridors' Intelligent Freight Transportation System will also promote stringent border security, the company said, as it scans all the freight entering the U.S., accelerating inspection times and integrating with U.S. Customs and Border Protection (CBP) protocols. It also creates more separation between commercial freight and passenger vehicles. Senator John Cornyn (R-Tex.) voiced his support for the effort and urged President Trump to sign the permit in a letter earlier this spring, underscoring the importance of the growing U.S.-Mexico trade relationship. In 2023, Mexico became the country's biggest trading partner, with the nations doing $798.9 billion in cross-border commerce. 'I am glad President Trump has approved the construction of the Green Corridors International Bridge facility, which will enhance efficiency and security at the Port of Laredo, our nation's top port of entry for international trade,' he said earlier this month. The trade tensions between Mexico and the U.S. that simmered earlier this year seem to have mostly cooled. Trump threatened the country with 25-percent across-the-board duties on all imports into the U.S. market, citing illegal migration and fentanyl trafficking as a reason to forgo the terms of the U.S.-Mexico-Canada Agreement (USMCA), which grants a wide variety of goods duty-free access to the American market. The country now faces 25-percent duties only on products that aren't covered by the trade agreement, along with tariffs on steel and aluminum. The president spared Mexico from his 'Liberation Day' reciprocal duties. Mexican President Claudia Sheinbaum was slated to meet with Trump to discuss trade issues at the G7 Summit in Canada this week, but the plan was thwarted when the American Commander in Chief left the event early. Sheinbaum said she spoke with Trump by phone soon after and the two vowed to work together to reach an agreement on 'various issues' soon.
