Benzinga | Feb 12, 2021 09:01AM EST

Forward Air Acquires Proficient Transport, Inc. For $15M

Forward Air Corporation (NASDAQ:FWRD) (the "Company" or "Forward") is executing a growth strategy that involves organic infrastructure investments, such as its ongoing LTL network expansion, as well as inorganic investments, including acquisitions of complementary businesses. As part of the inorganic growth strategy, Forward today announced that it has entered into an agreement to acquire the assets of Proficient Transport Incorporated and Proficient Trucking, Inc. (together "Proficient Transport") for $15 million. Proficient Transport is a privately held intermodal drayage provider that generates approximately $23 million in annual revenue. The transaction will be funded from cash on hand and is expected to close in February 2021.