Forward Air

In an open letter to Forward Air shareholders, Ancora Holdings Chairman and CEO Frederick DiSanto explained that Ancora remains highly disappointed by the operating performance at Forward Air, as recent results and guidance continue to underwhelm.

In the letter, Ancora explained that the Forward Air Board of Directors “must be significantly reconstituted to address the Company’s prolonged stock price and operating underperformance, which Ancora believes has been largely driven by the Board’s poor operational oversight, ineffective capital allocation strategy and failure to optimize the Company’s balance sheet.”

Forward Air officials said that the purchase price is $2.25 million, with Value Logistics generating roughly $6 million in annual revenues. The transaction, which Forward Air said will be funded from cash on hand, will be made official later this month.

Asset-light freight and logistics services provider Forward Air Corporation announced it is rolling out less-than-truckload (LTL) service in two new markets: Columbia, Missouri and Roanoke, Virginia. This is part of the company’s ongoing growth strategy focused on both inorganic investments, which include acquisitions, and organic infrastructure investments like its LTL expansion efforts.

Greeneville, Tenn.-based asset-light freight and logistics services provider Forward Air Corporation announced it has acquired the assets of Johnson City, Tenn.-based CLW Delivery Inc., a privately held final mile provider specializing in last-mile logistics and in-home installation services for national retailers and manufacturers, for cash consideration of $5.5 million.

This expansion will occur across two different properties. One is its existing facility at 6800 Port Road in Groveport, which is located near the Rickenbacker International Airport, and the other is a property it is acquiring at 6700 Port Road. And Forward will invest around $10 million to acquire the latter and around $22 million into the former, which will be redeveloped into a 120,000 square-foot office space that will house the 50 newly created positions.

Air cargo transportation services provider Forward Air Corporation said this week it has entered into an agreement to acquire FSA Logistics, a privately-held last mile services provider.

The purchase price is $125 million and is subject to an adjustment for working capital, according to Forward officials.

Following a late January announcement in which it said it signed a definitive agreement to acquire the stock of Central States Trucking Company (CST) and Central States Logistics, air cargo transportation services provider Forward Air Inc, said today that the acquisition has formally closed.

Air cargo transportation services provider Forward Air Inc. said it inked a definitive agreement to acquire the stock of Central States Trucking Company and Central States Logistics.