Forward Air Corporation Acquires Multi-Modal

Forward Air Corporation (NASDAQ:FWRD) has announced that its subsidiary, Central States Trucking (CST), has purchased substantially all of the assets of Multi-Modal Trucking, an intermodal service provider based out of Indianapolis, Indiana.

Multi-Modal provides intermodal drayage, devanning, transloading and warehousing services primarily within the Midwest region of the United States.

The purchase price was $5.75 million, plus an earn-out capped at $1 million. The transaction was funded by Forward Air’s cash reserves. During calendar year 2013,

Multi-Modal generated approximately $8.5 million in revenue. Multi-Modal is expected to be accretive to Forward Air’s earnings in 2015.

Category: General Update