A group of private equity firms—including Clearlake Capital, Platinum Equity, and EQT—have submitted bids to acquire Forward Air, according to sources familiar with the matter. The U.S.-based trucking and logistics company has been actively exploring strategic alternatives since January and is aiming to conclude the review in the coming weeks, potentially in tandem with its August 11 earnings release.
Apollo Global Management and AIP have also made offers, though the bid values remain undisclosed. No agreement has been finalized, and additional bidders may still emerge, sources noted. All parties either declined to comment or did not immediately respond.
The bidding process follows investor pressure to divest the company, particularly after its controversial acquisition of Omni Logistics, which closed earlier this year and led to a 75% drop in Forward Air’s stock price. However, shares have rebounded 27% in the past month, driven by optimism around a potential sale.
Currently trading at $28.14, Forward Air holds a market cap of roughly $855 million, with an estimated enterprise value closer to $3 billion including debt. The Tennessee-based firm specializes in less-than-truckload (LTL) freight services, a niche that continues to attract PE interest.
Investor discontent intensified in May when Ancora Holdings, which owns 4% of the company, called for board changes to accelerate the sale. Shortly after, three directors linked to the Omni deal resigned.
Source: Reuters
