Several private equity firms, including Clearlake Capital, Platinum Equity and EQT, have submitted bids for Forward Air, according to sources familiar with the matter, as the US-based trucking company moves to conclude its strategic review, according to a report by Reuters.
Forward Air, listed on Nasdaq under ticker FWRD, announced in January that it was exploring strategic alternatives. That process is now nearing its final stages, with the company aiming to wrap up a potential transaction in the coming weeks, potentially aligning with its Q2 earnings release, expected on 11 August.
Buyout firms Apollo Global Management and AIP have also tabled offers, the sources said, although valuation details were not immediately disclosed.
The individuals providing the information requested anonymity due to the confidential nature of the process, and emphasised that no deal is assured, with other bidders potentially still emerging.
Reuters previously reported in June that Apollo, Blackstone, Platinum, and Clearlake had all signed NDAs and begun due diligence on the company.
Tennessee-based Forward Air specialises in less-than-truckload (LTL) freight logistics, with a focus on time-definite transportation. Its shares have rebounded 27% over the past month amid growing market expectations of a sale, though they remain down around 75% from two years ago – when the company announced its contentious acquisition of Omni Logistics. That transaction formally closed in early 2024.
The company’s market cap currently stands at $855m, with analysts placing Forward Air’s enterprise value closer to $3bn on a fully diluted basis including net debt.
The sale process follows mounting investor pressure, particularly after the Omni acquisition. Activist investor Ancora Holdings, which owns approximately 4% of the company, pushed in May to accelerate the review by seeking the removal of three long-tenured directors tied to the deal. All three stepped down following the company’s annual meeting.
Shares in Forward Air closed at $28.14 on Wednesday.
