Forward Air (FWRD) Acquires Proficient Transport
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Forward Air Corporation (NASDAQ: FWRD) (the “Company” or “Forward”) is executing a growth strategy that involves organic infrastructure investments, such as its ongoing LTL network expansion, as well as inorganic investments, including acquisitions of complementary businesses. As part of the inorganic growth strategy, Forward today announced that it has entered into an agreement to acquire the assets of Proficient Transport Incorporated and Proficient Trucking, Inc. (together “Proficient Transport”) for $15 million. Proficient Transport is a privately held intermodal drayage provider that generates approximately $23 million in annual revenue. The transaction will be funded from cash on hand and is expected to close in February 2021.
Headquartered in Chicago, Ill., Proficient Transport has been in business since 2004. Since then, the company has shown continuous growth and currently operates with 32 employees and approximately 130 independent contractors. This acquisition expands Forward’s Intermodal presence in Atlanta, Charlotte, Chicago, and Dallas while introducing Columbus, Ohio into the footprint.
Forward Intermodal is a top-ten provider of intermodal drayage in the United States.
Tom Schmitt, President, Chairman and CEO stated, "Proficient Transport has a reputation for first-class service and precision execution – a perfect match for our Forward DNA.”
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