Forward Air Acquires BarOle Trucking, TKI Intermodal For Undisclosed Sum

Forward Air Corp FWRD has entered into two separate agreements to acquire the assets of BarOle Trucking, Inc. and the trucking-related assets of TKI Intermodal, LLC. Financial terms were not disclosed.
Forward Air noted that the acquisitions are a part of its strategy focused on infrastructure investment to advance intermodal transportation capabilities while also gaining additional storage yards, chassis, and drivers.
The company expects the acquisitions to add $25 million in revenue and more than 82 new employees, including 95 drivers quadrupling its total number of drivers in the Minneapolis Intermodal market.
Forward Air expects both acquisitions to provide additional capacity and resources to meet current customer demands in the intermodal market and extend Forward's service footprint in the Minneapolis–Saint Paul, Minnesota area.
Forward Air is currently evaluating the potential to consolidate its post-closing Minnesota operations into a single location.
Forward Air held cash and cash equivalents of $51.93 million as of September 30, 2021.
The company expects the BarOle acquisition to close in December. TKI deal closed in October 2021.
Price Action: FWRD shares closed lower by 0.87% at $105.41 on Wednesday.