Forward Air acquires Land Air Express for $56.5M

Forward Air Corporation announced that it has entered into an agreement to acquire the assets of Land Air Express, a privately held full service expedited LTL provider, for $56.5M. The transaction is expected to be funded from both cash on hand and the company’s credit facility and is expected to close in January 2023. Land Air Express, headquartered in Bowling Green, Kentucky, offers a variety of services, including guaranteed, standard, exclusive, same day, hot shot and pickup and delivery. With approximately 270 employees and over 200 drivers, Land Air Express operates in over 25 terminals across the United States. Tom Schmitt, Chairman, President and CEO of Forward stated, "Our core LTL business is the key growth area for Forward and the purchase of Land Air Express is an important addition to our LTL growth opportunities. 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. Land Air Express is a high-performing team that shares our precision execution DNA and a strong commitment to collaboration with customers. We believe this acquisition will increase our capacity to provide customers with the industry leading on-time and damage-free service they demand. We are thrilled to welcome Land Air Express into the Forward family."