Forward Air Acquires Edgmon Trucking to Expand West Coast Intermodal Drayage Operations
Advanced Airline FWRD (the “Company” or “Forward”) executes a growth strategy that involves organic infrastructure investments, such as the continued expansion of the LTL network, and inorganic investments, including complementary business acquisitions. As part of the inorganic growth strategy, Forward announced today that it has entered into an agreement to acquire the assets of Edgmon Trucking, LLC (“Edgmon Trucking”), a privately held intermodal drayage provider that generates approximately $22 million of annual income. The transaction will be financed with available cash and is expected to close in May 2022.
Based in Kent, Washington, Edgmon Trucking has been managed by the current ownership group since 2015. The company currently operates a terminal in Kent and a yard in Seattle, serving both the Port of Seattle and the Port of Tacoma. Edgmon Trucking serves its business with approximately 70 trucks, mostly operated by independent contractors, and a staff of 21 employees.
The acquisition of Edgmon Trucking marks the first West Coast location for Forward’s intermodal business – a key area of expansion in the company’s strategic growth plan.
Tom Schmitt, President, Chairman and Chief Executive Officer, said, “The addition of Edgmon Trucking marks our commitment to meeting customer demand by increasing our intermodal drayage capabilities in the region. Over the past 12 months, we have focused on the strategic expansion of our network. and operations in our intermodal and LTL businesses – and we’re not done yet. »
About Forward Air Corporation
Advanced Airline FWRD is a leading low-resource freight and logistics company that provides service across the United States and Canada. We provide expedited LTL (“LTL”) services including local pickup and delivery, shipment consolidation/deconsolidation, warehousing and customs brokerage using a comprehensive nationwide network of terminals. In addition, we offer last mile services including heavy goods delivery; full truckload brokerage services including dedicated fleet services; and high value intermodal, first and last mile drayage services to and from seaports and railheads, dedicated contracts and container freight yard warehousing and handling services . We are more than a transport company. As a single resource for your shipping needs, Forward is your supply chain partner. For more information, visit our website at www.forwardaircorp.com.
This press release may contain statements that could be considered forward-looking statements or forecasts of future transactions, including with respect to the expected financing and timing of the closing of the acquisition of Edgmon Trucking, business growth Company’s intermodal operations, Edgmon’s financial performance and annual contribution to the Company’s business and strategic improvements made to the Company’s intermodal business. These 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 closing conditions will not be satisfied and that closing will be delayed or never occur, that the performance of Edgmon Trucking’s business after closing will be worse than expected and that the Company is unable to realize the expected synergies. Actual events may also differ from these expectations due to 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 these risks. We assume no obligation to update these statements at a later date.