GREENEVILLE, Tenn.– Forward Air Corporation has entered into an agreement to acquire the assets of Land Air Express, Inc., a privately held full service expedited LTL provider, for $56.5 million.
According to a news release, the transaction is expected to be funded from both cash on hand and Forward Air’s credit facility.
The deal is expected to close later this month.
Land Air Express, headquartered in Bowling Green, Kentucky, offers a variety of services, including guaranteed, standard, exclusive, same day, hot shot and pickup and delivery.
With approximately 270 employees and more than 200 drivers — including company and leased capacity providers — Land Air Express operates in more than 25 terminals across the United States.
Tom Schmitt, chairman, president and CEO of Forward Air, said that his company’s core LTL business is the key growth area and that the purchase of Land Air Express “is an important addition to our LTL growth opportunities.”
“This acquisition will accelerate the expansion of our national terminal footprint, particularly in the middle part of the United States, and we believe it will strategically position us to better meet the current and future needs of customers. Land Air Express is a high-performing team that shares our precision execution DNA and a strong commitment to collaboration with customers,” he continued.
Schmitt added that he believes the acquisition “will increase our capacity to provide customers with the industry leading on-time and damage-free service they demand. We are thrilled to welcome Land Air Express into the Forward family.”
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