Forward Air Acquires Intermodal Firm for $5.75 Million
Forward Air Corp. said subsidiary Central States Trucking Co. acquired the assets of Multi-Modal Trucking Inc. and Multi-Modal Services Inc. for $5.75 million.
The purchase was funded with Forward Air’s cash reserves, and the price includes an earn-out capped at $1 million.
Indianapolis-based Multi-Modal provides intermodal drayage, transloading and warehouse services in the Midwest. In 2013, it generated $8.5 million in revenue, according to Forward Air.
Forward Air recently reported third-quarter net income rose to $16.7 million, or 54 cents a share, from $14.2 million, or 46 cents, a year ago. Revenue jumped 18.5% to $201.5 million.
Forward Air ranks No. 46 on the Transport Topics Top 100 list of U.S. and Canadian for-hire carriers.
