Forward Air

Forward Air exploring options, may sell company

Forward Air said Monday its board has initiated a strategic review, which potentially includes selling the company or entering a merger agreement. The update comes after months of public criticism from investors, who have called on the company to engage in a sale process following its contested merger with freight forwarder Omni Logistics.

Investors have pointed to “misguided capital allocation” and poor oversight as the reasons for the Greeneville, Tennessee-based trucking company’s current...

https://www.freightwaves.com/news/forward-air-exploring-options-may-sell-company

2024’s most notable trucking deals

A slowdown in trucking M&A was met by interest rate cuts for the first time in more than four years in 2024. The anticipation of lower lending rates fostered more constructive transaction dialogues during the year, but deal count across the industry was still off 5% from 2023, according to data compiled by the research team at Left Lane Associates.

The supply chain M&A advisory firm said there is noise in the number as some deals were paused until after the election, which pushed closings into...

https://www.freightwaves.com/news/2024s-most-notable-trucking-deals

Forward Air parts ways with president, COO

Forward Air announced Friday it has parted ways with its President and Chief Operating Officer Chris Ruble. The announcement comes as the beleaguered company tries to appease customers and shareholders following a messy merger with Omni Logistics.

The abrupt separation was “without cause,” meaning Ruble is eligible for severance, according to a filing with the Securities and Exchange Commission released Friday after the market closed.

No replacement was named. 

Ruble joined Forward (NASDAQ: FWRD)...

https://www.freightwaves.com/news/forward-air-parts-ways-with-president-coo

Forward Air names new chief commercial officer

Forward Air announced a new chief commercial officer Wednesday after the market closed. Eric Brandt has joined the embattled company following its messy merger with freight forwarder Omni Logistics.

Brandt has more than 20 years of experience in transportation and logistics, most recently serving as executive vice president of business development at Ceva Logistics (North America). He has also served in other customer-facing leadership roles at Agility and Panalpina.

Brandt is tasked with leading...

https://www.freightwaves.com/news/forward-air-names-new-chief-commercial-officer

Forward Air talks Omni integration, silent on rumors it’s up for sale

Management from Forward Air said the company remains focused on the integration of Omni Logistics and ironing out a marketing strategy that includes its legacy expedited less-than-truckload services with its acquired air and ocean freight forwarding business. During opening comments on a Monday evening call, management told analysts it would not comment on “rumors or speculation” that the company was up for sale following its publicly panned merger with Omni.

When the deal was announced in...

https://www.freightwaves.com/news/forward-air-talks-omni-integration-silent-on-rumors-its-up-for-sale

Forward Air retains investment bankers to sell company, sources say

Forward Air has retained two prominent investment banking firms to lead a formal sales process, people close to the deal have told FreightWaves. Pressure on the expedited trucking company’s board to sell the company has mounted in recent weeks in the wake of fallout from a messy merger with freight forwarder Omni Logistics.

An Oct. 7 letter from activist investor Alta Fox, which holds a 3% stake in Forward (NASDAQ: FWRD), called on the company to initiate a sales process. The letter said holders...

https://www.freightwaves.com/news/forward-air-retains-investment-bankers-to-sell-company-sources-say

Chorus of investors calling on Forward Air to consider a sale grows

Alternative asset manager Alta Fox has called on the beleaguered board of Forward Air to engage in a formal sales process following the company’s contested merger with Omni Logistics earlier this year. Alta Fox joins other Forward shareholders in suggesting the best path for the company is to seek new ownership and management.

Clearlake Capital, which holds a 14% equity interest in Forward (NASDAQ: FWRD), flipped from a passive investor to an activist investor in August, saying it may call on...

https://www.freightwaves.com/news/chorus-of-investors-calling-on-forward-air-to-consider-a-sale-grows

Former Forward Air CEO Tom Schmitt joins Nikola

Zero-emissions truck manufacturer Nikola Corp. said it has hired former Forward Air CEO Tom Schmitt as its chief commercial officer. Schmitt’s February departure from Forward Air came shortly after the company closed on an ill-conceived merger with Omni Logistics.

Schmitt engineered the transaction, which pitted Forward as both capacity provider and competitor to some of its freight forwarding customers. The acquisition, which shareholders alleged subverted their consent, endured months of...

https://www.freightwaves.com/news/former-forward-air-ceo-tom-schmitt-joins-nikola

Activist investor urges Forward Air to go private

Activist investor Ancora Holdings Group is calling on Forward Air’s board to begin a strategic review and to engage with potential buyers. In an open letter to the company’s board, the group cited “overwhelmingly negative” total shareholder returns and “significant underperformance” in what it described as a “lost decade” for the expedited trucking company.

The Tuesday letter said the company could better cure its balance sheet and operational issues as a private entity, likely under the...

https://www.freightwaves.com/news/activist-investor-urges-forward-air-to-go-private

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