Forward Air Corp. has reportedly received bids from multiple private equity firms, potentially bringing a seven-month strategic review closer to its conclusion.
A Reuters report named five investment firms that have placed a bid: Clearlake Capital, Platinum Equity, EQT, Apollo Global Management and AIP.
Sourcing Journal reached out to Forward Air Corp.
The report said no deal is guaranteed and other bidders could still emerge.
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Forward Air, a less-than-truckload (LTL) and intermodal transportation services provider, initiated a strategic review in January following a tumultuous 2024 that included the closure of its heavily contested $2.1 billion acquisition of Omni Logistics. The fallout from that deal, which was first agreed upon in August 2023, resulted in the exit of the CEOs of both companies and a nearly 90 percent collapse in stock price.
That acquisition annoyed shareholders and customers alike, with investors taking issue with the fact that it was structured to avoid a vote. Shareholders also were upset about the initial $3.2 billion merger price tag, alongside the nearly $1.4 billion in net debt Forward would absorb from Omni. Freight forwarder customers felt caught off guard over the transaction, which they said effectively turned them into competitors.
After the backlash, Forward Air had so much buyer’s remorse from the deal that they attempted to renege on the deal, resulting in lawsuits from both sides. The parties eventually settled litigation against one another, and closed the deal last January.
Despite the rocky start, CEO Shawn Stewart touted the progress of the Omni integration in the company’s 2025 annual report.
“As we navigate through the uncertain broader macroeconomic backdrop, I am confident that we have a
powerful platform to drive sustainable growth,” Stewart said.
According to Reuters, Forward Air is seeking to wrap up the strategic review process in “a few weeks,” possibly around the time of its second quarter earnings release on Aug. 11.
Reuters initially reported in June that four firms—Blackstone, Apollo, Platinum Equity and Clearlake Capital—expressed interest in acquiring the logistics company. At the time, it was reported that both Blackstone and Apollo had gone on to sign confidentiality agreements to review documents to shape a potential bid. It is unclear if Blackstone has since made a bid.
Initial takeover bids were due during the first week of July.
As of March 31, Clearlake Capital was the company’s largest shareholder, holding 12.6 percent of total Forward Air shares.
Last month, marking the biggest sign of change since the Omni Logistics acquisition, Forward Air chairman George Mayes, Jr. resigned after he failed to secure the shareholder votes necessary to maintain his position. Mayes was replaced by Jerome Lorrain, former chief operating officer of Ceva Logistics.
Two other board members voluntarily resigned following the vote, which occurred at the behest of activist investor Ancora Holdings Group.
Ancora, which is one of multiple minority shareholders in support of taking Forward Air private, had referred to the former board members as “unfit legacy directors” that were responsible for the “disastrous” lawsuit-laden Omni deal. The hedge fund also accused the board members of “slow-walking” the sales process, noting earlier this year that they waited three months after hiring Goldman Sachs to announce a formal sale.
Since April 8, Forward Air Corp.’s stock has skyrocketed 198 percent. In the past month, the logistics provider’s shares have jumped 40 percent to $31.25, as of the end of trading Thursday, buoyed by expectations that the LTL will be sold off.
On Wednesday, after the Reuters report published, the stock ran up 10 percent.
The company is currently valued at $950.7 million, but on a fully diluted basis, the company’s enterprise value is closer to $3 billion including nearly $1.7 billion in net debt.
Although the future of ownership at Forward Air remains uncertain, the embattled logistics and trucking provider got a small win
On Thursday, Forward Air said it secured an expanded partnership with an unnamed package delivery company.
Forward Air expects to transport more than 15,000 expedited full-truckload shipments annually across its partner’s national network. The expansion is expected to increase revenue substantially with the partner on a year-over-year basis.
