Forward Air (FWRD) Acquires Triumph for $10.1M
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Forward Air Corporation (NASDAQ: FWRD) today announced that its wholly-owned subsidiary, Central States Trucking Co. (“CST”), has acquired substantially all of the assets of Triumph Transport, Inc. and Triumph Repair Service, Inc. (together referred to as “Triumph” in this release). Triumph is a privately held provider of intermodal, drayage and related services headquartered in Cudahy, Wisconsin. The purchase price was $10.1 million, and the transaction was funded by Forward Air’s cash reserves.
During calendar year 2015, Triumph generated approximately $13.4 million in revenue. Triumph is expected to be accretive to Forward Air’s earnings in 2016.
Commenting on the acquisition, Matthew J. Jewell, President of CST, said, “We are pleased to add Triumph to our Intermodal segment. Triumph is a high quality provider of intermodal services and a perfect addition to our Midwest operations. This is the fourth acquisition we have made towards executing our plan to grow our intermodal capabilities and footprint.”
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