A quartet of major private equity players, including Blackstone and Apollo Global Management, are eyeing a potential takeover of Forward Air Corporation, a US-based asset-light trucking and logistics provider, according to a report by Reuters citing sources familiar with the matter.
The firms – which also include Platinum Equity and Clearlake Capital – have signed confidentiality agreements granting access to diligence materials, ahead of a first-round bid deadline expected in early July. While the four are currently reviewing information, there is no certainty that formal offers will materialise, and additional suitors could yet emerge.
All parties involved, including Forward Air and the private equity firms, reportedly either declined to comment or were not immediately available.
Forward Air launched a strategic alternatives process in January 2025 following mounting investor pressure, including from activist shareholder Ancora Holdings.
The Ohio-based investment firm, which owns approximately 4% of the company, successfully led a withhold campaign in May that resulted in the resignation of three long-serving board members blamed for greenlighting the company’s controversial $2.1bn acquisition of Omni Logistics in early 2024.
The deal, executed without a shareholder vote, significantly increased the company’s debt load and disrupted operations – contributing to a sharp decline in its share price from a peak of $121 in 2021 to around $20 currently.
Forward Air now trades with a market capitalisation of approximately $610m, although analysts estimate the company’s enterprise value, inclusive of debt, to be closer to $2.5bn.
Despite recent headwinds, prospective buyers are said to view Forward Air as an established leader in the less-than-truckload (LTL) segment – a specialised corner of the transportation market – with potential for value creation under new ownership.
Forward Air remains publicly committed to exploring all options as part of its ongoing strategic review, which includes a potential sale of the business.
