Forward Air announces sale of final mile business

GREENEVILLE, Tenn.–(BUSINESS WIRE)–Forward Air Corporation (NASDAQ: FWRD) (the “Company” or “Forward”) is pleased to announce the sale of its Final Mile business to Hub Group, Inc. for an estimated total cash consideration of $262 million. For the twelve months ended September 30, 2023, Final Mile generated approximately $289 million in revenue. Final Mile has approximately 45 locations and more than 640 employees that will transfer to Hub Group, Inc.

Tom Schmitt, Chairman, President, and CEO said, “Our Final Mile business grew revenue over 150% since inception in 2019 and returned significant value to Forward’s employees, customers and shareholders. We are pleased the Final Mile team has joined a first-class company and team of people. Corporate clarity remains a top priority as we enter the next phase of our Grow Forward strategy.”

Phil Yeager, President and CEO of Hub Group, stated, “We are excited to welcome the Forward Final Mile team to Hub Group. Through this transaction, we will continue to grow our non-asset logistics segment and deepen our value to our customers through the addition of this excellent team and their best-in-class appliance capabilities.”

Carlton Fields served as legal counsel and Jewell Advisory Group served as M&A advisor to the Company in connection with the transaction.