Forward Air to Acquire Expedite LTL Provider
Forward Air Announces Purchase of Land Air Express
Forward Air has recently announced that they are expecting to acquire the expedite carrier, Land Air Express to expand their reach. The additional service offerings would include guaranteed shipments for small parcel shipments up to dedicated truck loads.
The deal is expected to close on January 31, 2023 and is expected to be for $56.5 million. The deal will provide Forward Air with Land Air's express network including 25 terminals and over 200 drivers. The acquisition is in hopes for Forward Air to help grow their network.
In a news release, Forward Air's Chairman, President, and CEO had the following to say, “This acquisition will accelerate the expansion of our national terminal footprint, particularly in the middle part of the United States, and we believe it will strategically position us to better meet the current and future needs of customers. We believe this acquisition will increase our capacity to provide customers with the industry leading on-time and damage-free service they demand.”
Acquisitions and consolidation of LTL carriers have not been uncommon in the latest market. In the past two years, the LTL market has consolidated considerably with national carriers purchasing regional and niche carriers to help alleviate strains on their supply chains.
Our team strives to keep you updated as we learn about these industry changing acquisitions. Please continue to visit our blog for the latest updates in the industry, including current trends and news.
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