PR: Forward Air wraps bolt-on deal

PRESS RELEASE 

Forward Air Announces Acquisition of CLW Delivery, Inc.

GREENEVILLE, Tenn. — (BUSINESS WIRE) – September 16, 2020 – Forward Air Corporation (NASDAQ: FWRD) (the “Company or “Forward”) is executing a growth strategy that involves organic infrastructure investments, such as the 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 CLW Delivery, Inc. (CLW), a privately held final mile provider for cash consideration of $5.5 million. The closing of the transaction is subject to customary closing conditions, including, but not limited to, compliance with the covenants and agreements in the definitive agreement. It is anticipated that the transaction will be funded from cash on hand and will close in October 2020.

Headquartered in Johnson City, Tenn., CLW specializes in last-mile logistics and in-home installation services for national retailers and manufacturers.

With respect to this acquisition’s anticipated impact on Forward’s operating results, Michael J. Morris, Senior Vice President and CFO, said, “CLW is expected to contribute $20 million of revenue and $1 million of EBITDA on an annualized basis.”

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FWRD stock rose 2.5% in early trade today, outperforming the market. The company’s equity is now worth about $1.6bn, 17% lower than in January when it traded close to record highs.